asked the Minister for Lands if he will state (i) what effect the halving of the land annuities has had on the period of repayment and (ii) what effect the funding of one and two years annuity, as occurred during the economic war period, has on the period of repayment.
Ceisteanna—Questions. Oral Answers. - Halving of Land Annuities.
The halving of land annuities has had no effect on the period of repayment. The funding of arrears in 1933 has generally had the effect of varying the normal period, by increasing it slightly in older cases and reducing it somewhat in later cases.
Could the Minister explain the last point, that the halving of the land annuities had the effect of reducing the period of repayment in some cases?
The funding annuity runs for 50 years from the date on which it was set up. It is consolidated with the reduced purchase annuity and the consolidated annuity so formed is payable until the purchase advance and funded arrears have been amortised. It follows that in those cases where the purchase annuity would normally expire in a shorter period than 50 years from the date on which the funding annuity was set up, which was 1933, the period of repayment would be slightly increased, but where the normal period of repayment of the purchase annuity would extend for more than 50 years from the date of commencement of the funding annuity the period of repayment may be shortened.
Do I take it that the whole annuity is continued when the arrears are funded and when the period is less than 50 years?
I think the Deputy would have to put down a separate question about that. I do not think that the consolidated annuity terminates, but I would like to have notice of that question. The period, at any rate, actually may be shorter.