asked the Minister for Local Government if he will state the rate of interest payable by local authorities on borrowings from the Local Loans Fund for (a) land acquisition for housing; (b) site development; (c) housing construction, and (d) for schemes under the Small Dwellings Acts.
Ceisteanna—Questions. Oral Answers. - Local Loans Fund Borrowings.
Mr. Murphy
The rate of interest on borrowings by local authorities from the Local Loans Fund for the purposes mentioned by the Deputy is 3¼ per cent. on advances made on and from 5th May, 1948. Steps are being taken in the case of housing schemes undertaken by local authorities to offset in full the effects of the increased interest rate by higher State subsidies.
Will the Minister state what he means by "housing scheme?" Does he include the acquisition of land as part of the housing scheme?
Mr. Murphy
I should say the words "housing scheme" should be quite well understood and, presumably, the total cost of the scheme would include the acquisition of land.
I suggest that the Minister should read the statement of the Minister for Finance in the Seanad on the Finance Bill, where he gave a contrary opinion.
Mr. Murphy
I have no knowledge of that.