asked the Minister for Local Government and Public Health if he will state the total amount of money obtained by county councils by way of overdraft for the purposes of the turf-cutting schemes of 1941, and the rate of interest charged thereon.
Ceisteanna—Questions. Oral Answers. - County Councils' Turf-cutting Schemes.
It is not possible at this stage to give the actual amount raised by way of over draft by the county councils for the purpose mentioned. As soon as the figures are available they will be communicated to the Deputy.
In the meantime, I may say that the aggregate overdraft maxima sanctioned in 1941 for the purposes of the county councils' turf production schemes amounted to £968,300. The usual rate of interest on overdrafts advanced to local authorities is ½ per cent. under the Irish banks discount rate, subject to a minimum of 4 per cent., and that rate, I understand, applied generally.
Do I understand that 4 per cent. was the rate which applied generally?
Yes.