asked the Minister for Lands if he will state the reasons why the redemption value of holdings has actually increased despite the fact that the annuities have been regularly paid.
Ceisteanna—Questions. Oral Answers. - Redemption Value of Holdings.
The redemption value of advances financed under the Land Acts of 1891, 1903 and 1909 is governed mainly by the price of guaranteed land stocks at the date of calculation of the redemption and varies from day to day.
The redemption value of advances under the Land Acts of 1885 and 1923 is not affected by the price of stock or land bonds and the redemption price decreases each half year by the operation of the sinking fund element in the annuity.
Am I correct in saying that the redemption value of some holdings increases, even though the annuities are paid regularly? Will the Minister explain why it is that the redemption value on a holding on which the annuities have been paid regularly, without a single failure, since 1927, is higher now by some £70 than as it stood in 1927? That is a great puzzle to land owners in the country, how it is that when they think they are clear of the debt the redemption value is rising against them. A clear statement is called for in this case.
The Deputy is not quite correct.
The Deputy is correct, and I can quote specific cases.
The redemption values vary because of the change in the price of the stocks which govern them. That is the only reason for the change.
Is it not a fact that the redemption value on some holdings is increasing, notwithstanding that the annuities are being regularly paid?
I cannot see it; I doubt it very much.
What action will the Minister take if I bring half a dozen cases to his notice where the redemption certificates on sale are being sought from the Land Commission? The redemption certificates are what I base my case on. The proof comes from the Minister's Department.
I would love to get any information on that matter that the Deputy can give me.
Very well, you will get it, tons of it. This tricking with the annuities will have to cease.