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"It will reduce credit volume by a small amount - not much compared to the overall volume," he said.
Among recent contenders, the hands-down favorite for sheer credit volume is the 197-minute, $200-million "Titanic."
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The main tasks of the bank remained to guarantee the value of the money through currency circulation and through the arrangement and regulation of short-term credit volume.
The transformation into this system, which entails that the government is in exclusive control of the aggregated credit volume and the total amount of money, will take place in two steps.
The Bank of Ireland Group said it expected to report strong profit growth, driven by 20 percent increases in lending and credit volumes in the year that ends next Saturday.
Increase in Bank Rate increases the cost of borrowing by commercial banks which results into the reduction in credit volume to the banks and hence declines the supply of money.
The question is whether through this programme, involving ECU 25 m over two years in the first instance - with which a total credit volume of perhaps ECU 1 billion can be achieved - we can actually create a decisive impact on unemployment.
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