asked the Minister for Local Government if he will explain the circumstances which resulted in the total of the advances from the Local Loans Fund for local authority housing, in the financial year 1950-51, being £2,750,000 less than the amount which the Minister for Finance estimated, in his 1950 Financial Statement, to be required.
Ceisteanna—Questions. Oral Answers. - Local Loans Fund.
The estimate of advances during 1950-51 from the Local Loans Fund for authority housing given by the Minister for Finance in his 1950 Financial Statement was based on the aggregate of individual estimates of capital requirements made by local housing authorities for this purpose in the year in question. There is often an unavoidable disparity between the actual loan issues, as distinct from estimated commitments, in respect of any particular contract the execution of which extends into two or more financial years. In successive years, however, the totals of the estimates and issues tend to equate. For example, the total estimate of draws from the Local Loans Fund for housing purposes between 1st April, 1949, and 31st March, 1951, was £11,547,500 while actual issues were £11,066,000.