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Dáil Éireann debate -
Wednesday, 26 Oct 1960

Vol. 184 No. 1

Ceisteanna—Questions. Oral Answers. - Agricultural Credit Corporation Loans.


asked the Minister for Finance whether there is any limit on the discretion of the Agricultural Credit Corporation restricting them to lending no more than fifty per cent. of the market value of the holding of an applicant for a loan, or whether this is the uniform practice of the Corporation; and, if so, whether he will take steps to ensure that the Agricultural Credit Corporation will in suitable cases advance up to eighty per cent. of the market value of the applicant's holding.

The Articles of Association of the Agricultural Credit Corporation provide that loans on the sole security of land shall not exceed fifty per cent. of the market value of the land. The limit of fifty per cent. may, however, be exceeded in suitable cases where additional security is provided.

As regards the second part of the Deputy's question, I am considering the matter in connection with legislation, at present being prepared, to amend the Agricultural Credit Acts.

May I take it that the Minister is favourably considering the suggestion that a higher percentage of the market value can be advanced hereafter?

An amending Bill is being prepared and that is amongst the questions which will be considered.