asked the Minister for Lands if he will give further details of the more attractive facilities which will be provided for the purchase of fishing boats as indicated in the Programme for Economic Expansion.
Ceisteanna—Questions. Oral Answers. - Purchase of Fishing Boats.
Facilities for the purchase of new sea fishing boats through An Bord Iascaigh Mhara will be made more attractive in three ways from the 1st April, 1959.
Firstly, the cost of the boats will be reduced by 15 per cent. by means of grants from the Exchequer.
Secondly, the rate of interest payable by hire purchasers will be reduced by Exchequer subvention to 4 per cent.; the current interest rate is 6¾ per cent.
Thirdly, the deposit payable by fishermen may, in exceptional cases, be reduced to 5 per cent.; the present minimum deposit is 10 per cent. of the cost.
The grant and the lowest interest rate will together have the effect of reducing the repayments due by a hire purchaser by more than 20 per cent.
In the case of a boat issued during the remainder of the present financial year, the current repayment terms will apply up to the 1st April, 1959, and the grant and reduced interest rate will be made available from that date. The new facilities are not applicable to boats already issued.
I am hopeful that these facilities will lead to a substantial increase in our fishing fleet by stimulating the purchase of boats by fishermen and others who are competent to operate them successfully.
Can the Minister say if the low rate of interest will apply to boats already issued?
It does not apply to boats already issued, only to new boats.
Is it entirely for inshore boats?
It applies to boats of all types for which we are willing to give grants.