asked the Minister for Industry and Commerce if he is aware of the high interest rates charged on mortgage loans by building societies here; and if so, if he is prepared to introduce legislation to reduce these interest rates.
Ceisteanna—Questions. Oral Answers. - Interest Rates on Mortgage Loans.
The rate of interest chargeable on loans by building societies is a matter for arrangement between the borrower and the society concerned. I understand that the general current rate charged by building societies operating here is 5 ½ per cent. These rates of interest are related to the rates allowed on deposits which vary from 2½ to 3 per cent. There is no proposal under consideration for the control of these interest rates.