asked the Minister for Finance if he will state the average rate of interest which the Agricultural Credit Corporation receives on the £33,527 7s. 0d. which it has invested in British Government securities and also the rates of interest it charges on loans it makes to farmers.
Ceisteanna—Questions. Oral Answers. - Agricultural Credit Corporation.
The rate of interest which the Agricultural Credit Corporation receives on its holding of British Government securities is slightly in excess of 3 per cent. These securities are held purely for convenience and are available as cover for the corporation's bank overdraft. Their existence in no way conflicts with the provision of credit for farmers. Since its inception the corporation has made loans to farmers totalling £3,800,000. The current lending rate is 4½ per cent.
Do I understand that the Agricultural Credit Corporation charges the Irish farmers more than it charges the British Government when it borrows money?
Deputy MacBride's question discloses the fact that he does not realise the difference between a claim upon Irish goods, Irish currency, and a claim upon foreign goods, British sterling or foreign assets.
Does the Minister really think that it is part of the function of the Agricultural Credit Corporation to invest money in England?
The Minister is talking through his hat.
If one Deputy at a time will ask a question I will deal with it. Deputy Dillon has been erupting.
Does the Minister consider that it is part of the function of the Agricultural Credit Corporation to invest money in England?
No. The function of the credit corporation is statutorily decided and announced. It is their function to make credit available to the Irish farmers, but the fact that they have a small sum of £33,000 available for quick liquidation if they want it in no way detracts from their ability to give loans to farmers and, in fact, as I have already indicated to the Deputy, they have given £3,800,000 in loans to Irish farmers.