asked the Minister for Lands whether he will state (a) what effect, if any, the halving of the land annuities has on the period for repayment; and (b) what effect the funding of arrears of annuities, which farmers were unable to pay during the economic war, has on the period of repayment.
Ceisteanna—Questions. Oral Answers. - Halving of Land Annuities.
(a) The reduction of land purchase annuities under the provisions of Part III of the Land Act, 1933, does not alter in any way the period for repayment of advances.
(b) The effect of the funding of arrears on the period for repayment of the original advances depends on the length of time for which the original annuity had still to run from the date on which the funding annuity was set up. The funding annuity is calculated to repay the funded arrears in 50 years and if the original or purchase annuity was payable:—(1) for exactly 50 years from the date of setting up the funding annuity the funding will have no effect on the period of repayment; (2) for less than 50 years, a further short period will be required to pay off the funded arrears; (3) for more than 50 years, the period will be slightly reduced.