asked the Minister for Local Government and Public Health if he will state whether the Galway Borough Council have applied for permission to raise a loan with a view to redeeming certain existing loans and thereby securing a saving to the ratepayers; whether it is intended to grant such permission and, if not, if he will state why the possibility of making a saving in this way should be denied to the ratepayers of Galway when it has been granted to other urban areas.
Ceisteanna.—Questions. Oral Answers. - Galway Borough Council Loan.
There has been no recent application for such purpose. Early in 1943 an inquiry was received from the Galway County Manager in connection with a proposed flotation of stock by the Galway Corporation with the object of consolidating existing loans. He was informed that before the matter could be considered in my Department it would be necessary that definite proposals should be submitted indicating what loans were to be repaid by an issue of stock and whether the lenders of the existing loans had agreed to the proposed repayments, and, if so, on what terms. As regards advances to the corporation from the Local Loans Fund, the Minister for Finance intimated in October, 1943, that he was unable in existing circumstances to accept further anticipatory payments from local authorities on foot of local loans, even with the payment of a premium. The proposed issue of stock by the Galway Corporation has, I understand, not been proceeded with.