asked the Minister for Finance whether he will examine the possibility of extending the scope of the Local Loans Fund so as to enable the Dublin Corporation to take advantage of it for slum clearance and housing purposes.
Ceisteanna—Questions. Oral Answers. - Extending Scope of Local Loans Fund.
This matter has been examined on several occasions. The Local Loans Fund was established for the benefit of the smaller local authorities who have not the standing to borrow elsewhere on reasonable terms. Dublin Corporation has been able to procure capital for its housing and other activities independently of the fund and there is no reason to apprehend that it will not be able to do so in future.
Does the Minister appreciate that the rates at which the Dublin local authority have been able to acquire capital have resulted in the corporation having to charge rents to tenants which the tenants in many cases find themselves unable to pay?
I do not agree with that as a statement of fact. The rate at which the Dublin Corporation can borrow ought to be as good as the rate at which the Central Government can borrow.
They can get advances from the Local Loans Fund at 2½ per cent.
That may be the position at the moment, but it may have to be changed if the rate charged by the Local Loans Fund is not economic in relation to the rate at which money is borrowed.
It is rather anomalous, the position the Dublin Corporation is in compared with the rest of the country.
That has been the situation; it has always been the situation that a strong body like the Dublin Corporation ought to be able to borrow at the same rate as the nation.