asked the Minister for Finance if his attention has been drawn to recent statements to the effect that because of State advances for the purchase of jet transatlantic aircraft, credit for agriculture and social services has been curtailed; and, if so, he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - State Advances for Purchase of Jet Aircraft.
11.
I have seen statements of the kind mentioned by the Deputy. I am glad to be able to inform him that they are not correct.
Instead of being curtailed, credit for agriculture is being expanded. Bank advances for agricultural purposes have increased from £18,834,000 in July, 1958, to £28,247,000 in July, 1959, and to £33,012,000 in July, 1960. This represents an increase of 75% between 1958 and 1960. During the last accounting year of the Agricultural Credit Corporation, the twelve months ended April last, a record amount was issued, the total being 2,084 loans amounting to £805,000. To aid the expansion of the Corporation's activities I propose to introduce in the near future legislation to enlarge the borrowing and lending powers of the Corporation.
As regards social services, the new scheme of contributory old age pensions will commence in January and various increases in other social welfare benefits have been or are being made under recent legislation.