asked the Minister for Industry and Commerce if he will state in respect of capital advances to Bord na Móna to the last convenient date: (1) the total amount of capital advanced, (2) the total amount of free grants, (3) the total amount of interest free grants, (4) the amount of capital advanced at interest and the rate of interest payable in respect of each such advance and (5) the total amount of interest paid to date.
Ceisteanna—Questions. Oral Answers. - Bord na Móna Advances
I assume the Deputy's question relates to moneys advanced to Bord na Móna for the performance of its functions under the Turf Development Acts, 1946 and 1950, and the reply has been prepared on this assumption. Accordingly, no account has been taken of sums advanced to the board for operations which it has undertaken at the request of the Government and which are outside the board's statutory functions. These are publicity and marketing, Kildare emergency scheme and the special turf production scheme. As the information sought is mainly in the form of a tabular statement I propose, with the permission of the Ceann Comhairle, to have it circulated with the Official Report.
1.—TOTAL AMOUNT OF CAPITAL ADVANCED TO BORD NA MÓNA BY WAY OF REPAYABLE ADVANCES FROM THE CENTRAL FUND UP TO 31ST JAN., 1953.
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First Development Programme (Section 53 of Turf Development Act, 1946, as amended by Section 3 of Turf Development Act, 1950). |
Second Development Programme (Section 3 of Turf Development Act, 1950). |
Advances for Housing (Section 6 (3) of Turf Development Act, 1950). |
Total of Repayable Advances |
|
|
Period from 21st June, 1946 to 21st June, 1951 |
Period from 21st June, 1951 to 31st Jan., 1953 |
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£4,242,557 |
£1,400,000 |
£431,000 |
£479,000 |
£6,552,557 |
2.—TOTAL AMOUNT OF FREE GRANTS
(None of which is included under (1) above).
|
Grants for Housing (Section 6 (2) of Turf Development Act, 1950) |
Experiment and Research (Section 52 of Turf Development Act, 1946 as amended by Section 2 of Turf Development Act, 1950) |
|
£84,600 |
£175,955 |
3.—TOTAL AMOUNT OF INTEREST FREE GRANTS
The grants shown under (2) are non-repayable and the question of interest does not therefore arise.
4.—AMOUNT OF CAPITAL ADVANCED AT INTEREST AND THE RATE OF INTEREST PAYABLE IN RESPECT OF EACH SUCH ADVANCE.
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Amount Advanced at Interest |
Rate of Interest payable |
Amount of Advances in which interest has not yet been determined |
|
£6,552,557 |
£4,242,557 at 2½% per annum |
£910,000 |
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£378,000 at 3½% ,, ,, |
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£757,000 at 4 % ,, ,, |
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£200,000 at 4½% ,, ,, |
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£65,000 at 5¼% ,, ,, |
I. All moneys advanced to the board for its first development programme are now subject to interest. The amount of £4,242,557 advanced to the board in the period 21st June, 1946, to 21st June, 1951, is subject to interest at 2½ per cent. per annum as from 1st October, 1952, and interest will be payable half-yearly, the first payment falling due on 1st April, 1953. Moneys advanced to the board since the 21st June, 1951, for its first development programme are subject to interest from the date on which each advance was made at the rate current on that date. These rates are shown in column 2 of the table.
II. Under Section 4 (1) (c) and (d) of the Turf Development Act, 1950, no interest is payable by the board on advances made during the period of five years commencing on 1st July, 1950, for the board's second development programme. Of the sum of £910,000 shown in column 3 of the table, £431,000 relates to second programme advances. The balance of £479,000 relates to repayable advances made to the board for its housing schemes under Section 6 (3) of the Turf Development Act, 1950, for which the rate of interest has not yet been fixed.
5. Total amount of interest paid to date:—£28,514.