asked the Minister for Finance if he will state the gross and net capital indebtedness of the Local Loans Fund on the 31st March, 1946; and the terms on which money is, at the present time, provided for various purposes from the fund.
Written Answers. - Local Loans Fund.
The information asked for in the first part of the question will be found in the accounts of the Local Loans Fund for 1945-46, which will be published in due course. The following advance statement of the balances of the fund at the 31st March, 1946— which, subject to any necessary revision on audit, will form part of the accounts —may, however, be sufficiently informative for the Deputy's purpose:—
LIABILITIES
|
Capital Account: |
£ |
|
Advances from Central Fund |
10,549,219 |
|
Advances from other Government Funds, etc. |
5,158,550 |
|
Money raised by issue of securities |
2,435,000 |
|
Premium on loans paid off in advance |
100,595 |
|
Income Account—Balance |
228,386 |
|
Arrears of Land Annuities |
2,192 |
|
£18,473,942 |
|
ASSETS
|
Principal of loans outstanding— |
£ |
£ |
|
Land Commission |
1,797,128 |
|
|
Office of Public Works |
16,308,544 |
|
|
18,105,672 |
||
|
Cash at Bank and with Paymaster-General |
357,483 |
|
|
Cash with agent Departments |
10,787 |
|
|
£18,473,942 |
||
As regards the second part of the question, the interest rate chargeable on loans at present being made out of the fund is 2½ per cent. per annum. The repayment period varies. For loans under the Housing of the Working Classes Acts and the Labourers Acts the maximum period is being fixed at 50 years; for harbours and docks, dispensary houses, mental hospitals, glebes and Gaeltacht housing, county homes, and for the purposes of the Small Dwellings Acquisition Acts the maximum period is, in practice, 35 years; public health loans are repayable within 30 years if they exceed £10,000 and in other cases 25 years; the maximum period for loans for courthouses and vocational education buildings is 30 years. These represent the main categories of loans made out of the fund.