Tuesday, 16 December 1980
Dáil Eireann Debate
Mr. O'Keeffe: asked the Minister for Finance the figures for (a) national debt, (b) borrowings of State-sponsored  bodies and (c) local authority debt for the years ending December 1976, 1977, 1978, 1979 and the estimated figures for the year ending December 1980.
|Borrowings at end December|
|(a) National Debt||3,612||4,229||5,167||6,540||7,500|
|*(b) State-sponsored bodies (Commercial and industrial)||606||745||1,014||1,322||1,733|
|*(c) Local Authorities||43||44||48 (Est)||52 (Est)||55 (Est)|
|*(d) Other Government Bodies||9||13||14||17||16|
|*(e) Other Local Bodies||35||30||29||29||29|
Mr. O'Kennedy: No. I will give further details when I am replying to other questions which indicate that it has not doubled in terms of GNP, an important indicator. I will also give the purposes for which it is being used.
Mr. O'Kennedy: In relation to the current deficit, if I had met just one-fifth of the demands from the other side of the House during the last 12 months the current deficit would be three times what it is now.
Mr. L'Estrange: Does the Minister agree that the national debt was £3,600 million in 1976 and that it is estimated it will now be £7,500 million? Does the Minister agree that in 1976-77, when the national debt was only half the present figure, he was talking about the country sinking deeper and deeper into debt and that he had an advertisement showing a pawnbroker's sign on it? What has happened since? The Minister has doubled the national debt and I should like to know if that is in order simply because Fianna Fáil borrowed the money?
Dr. Browne: asked the Minister for Finance if he will indicate the size of the total (a) national debt and (b) foreign borrowings by the Government in relation to gross national product in 1930, 1940, 1950, 1960 and 1970 and each subsequent year.
|Financial year ended1||Amount of National Debt||As % of Gross National Product||Foreign Borrowing||As % of Gross National Product|
|31 March 1931||27.5||n.a.2||—||—|
|31 March 1941||48.2||n.a.2||—||—|
|31 March 1951||158.3||39.8||—||—|
|31 March 1961||427.3||66.0||—||—|
|31 March 1971||1,105.9||67.1||25||1.5|
|31 March 1972||1,251.4||66.6||17||0.9|
|31 March 1973||1,421.1||63.0||18||0.8|
|31 March 1974||1,622.2||60.0||40||1.5|
|31 December 1974||1,957.9||65.7||144||6.4|
|31 December 1975||2,743.8||74.1||249||6.7|
|31 December 1976||3,612.0||80.1||352||7.8|
|31 December 1977||4,228.6||79.2||181||3.4|
|31 December 1978||5,167.1||82.7||353||5.7|
|31 December 1979||6,540.1||90.8||459||6.4|
1 National debt and foreign borrowing figures are not available on a calendar year basis prior to 1974. National Debt and foreign borrowings as a percentage of GNP in the prior years have been calculated using the GNP figure for the calender year immediately preceding the end of the financial year in question.
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