asked the Minister for Finance whether the Limerick Corporation completed with the Commissioners for Public Works a mortgage for £100,000 in respect of loans under the Small Dwellings Acquisition Acts, and, if so, if he will state (a) the date of such mortgage, the rate of interest being charged, and the amount issued to date, and (b) the balance still due, when it will be paid, and at what rate of interest.
Ceisteanna—Questions. Oral Answers. - Limerick Corporation Mortgage.
Mortgage deeds have been completed by the Limerick Corporation in respect of three loans of £100,000 each from the Local Loans Fund for the purpose of advances under the Small Dwellings Acquisition Acts, the dates of completion being 13th June, 1955, 7th November, 1955, and 11th June, 1956. The two earlier loans have been issued in full, the rate of interest applicable to both being 4½ per cent. per annum.
Sums amounting to £40,000 have been issued on foot of the remaining loan, the rate of interest applicable being 5¼ per cent. per annum. This leaves a balance of £60,000 undrawn and the matter of an issue on foot of this balance is at present under consideration in conjunction with the general question of further issues from the Local Loans Fund for similar purposes. I hope it will be possible to reach a decision at an early date. The rate of interest on any further issue will be that applicable to issues generally at the time the issue is made.
Could the Minister give some clarification of this expression that the matter is "under consideration"? Is the Minister aware that the total sum of £100,000, of which we have only got £40,000, has been earmarked, that the houses are actually substantially erected or in other cases completed and that the people have not been paid? As a result, there is hardship on the builders, the purchasers themselves, the builders' providers and those in the ancillary trades in the building industry? Surely it would be much fairer to the Limerick Corporation if the Minister would say: "This is all I have and this is all you will get" in a given period.
The Deputy is not asking a question.
If that were the case, we could cut our cloth accordingly. Will the Minister say if we will know before spring?
If the facts in relation to dates were as indicated by the Deputy, the matter should have been brought to attention long before the date on which it was. The Deputy is no doubt aware that of the sum of £1,000,000 allocated by the Government the other day, £150,000 is in respect of Small Dwellings applications. This is one of the cases that will be considered in the light of that recent allocation by the Government.