asked the Minister for Local Government if he will state, with reference to the advance of £4,000,000 by the Government to the Dublin Corporation referred to by him at column 968, Volume 156 of the Official Report (a) when this sum was advanced, (b) if the full amount has not been advanced, whether part of it has, and, if so, what amount, and at what rate of interest, (c) when and in what manner, by instalments or otherwise, the balance will be made available, and at what rates of interest, and (d) the conditions as to the use to which these moneys are to be put.
Ceisteanna—Questions. Oral Answers. - Government Advance to Dublin Corporation.
Of the £4,000,000, a sum of £1,000,000 is being advanced from the Local Loans Fund for Small Dwellings (Acquisition) Acts advances. An instalment of £500,000 was issued to the Corporation on 1st May at 5¼ per cent. per annum and a further instalment will be issued after mid-August next, as requested by the corporation representatives. The rate of interest will be the rate current on the date of issue.
The balance of the £4,000,000 to the extent that the corporation are unable to raise it independently from appropriate lending agencies, has been promised by the Government from public funds. It is not possible at this stage to say what the rate of interest will be. The use to which the moneys are to be put is a matter for decision by the corporation in the first instance and will be subject to the sanction of the Minister.
Is it not a fact that a letter from the Taoiseach to the corporation, during the Minister's temporary absence on the Continent, stated that £1,000,000 was to be expended on housing? Is the Minister not further aware that another £500,000, which was requested now from the Local Loans Fund, is due to pay for small dwellings and that until the rate of interest is fixed the mortgages cannot be completed? Is the Minister further aware that the bulk of that money, at least 80 per cent. of it, had been bespoken long before we got the agreement to get the £1,000,000?
Deputy Briscoe might remember that he was on the deputation which interviewed the Minister for Finance and myself. These are the words used by the Deputy on one occasion:—
"My request to the Minister for Finance is that the £500,000 should be made available to the corporation in April and the same sum in August for the purposes of the Small Dwellings Acts."
The Minister for Finance acceded to the request of the deputation and placed at the disposal of the corporation this £1,000,000.
That was sabotaged last night.
Is this another attempt at sabotage?
Might I ask the Minister if he is aware of the purpose of the question? Is it not a fact that this £1,000,000 to the corporation was to meet commitments already entered into to the extent of 80 per cent? The Minister must be aware that our problem was that we could not borrow retrospectively but had to fix the rate of interest to the borrower at the time we entered into the mortgages and will he now say that the balance of that £1,000,000, the other £500,000, will be given to the corporation at 5¼ per cent?
Does the Deputy not remember that I specifically told the corporation that the money would be given to them at the rate of interest current on the date on which it was drawn?
The Deputy remembers it very well.
It was stated very specifically.
I will deal with it on the Minister's Estimate. It was not given to us.