asked the Minister for Local Government the total amount advanced to borrowers under the Small Dwellings (Acquisition) Acts up to 31st March, 1960.
Ceisteanna—Questions. Oral Answers. - Small Dwellings Borrowings.
20.
The total amount advanced to borrowers under the Small Dwellings (Acquisition) Acts up to 31st March, 1960, was £34,107,373.
Would the Minister explain why the interest rate has gone up again on borrowers?
That is a separate question.
Surely the Minister is responsible.
He is not responsible.
The Minister controls local loans.
It is not true to say the Minister is not responsible.
The local authority can fix its own rate.
The Minister fixes the rate at which the local authority borrows.
Who fixes that rate and how does it come to be fixed?
It is fixed by the Minister in conjunction with his colleague next to him.
Is it not related to the money to be borrowed?
It is fixed by the Minister.
It is only fair to say that if there are local authorities in this country who propose to lend their money at a lesser rate than that at which they are now lending it, such a submission would be received sympathetically.
And put the burden on the rates. Anyway the Minister fixes the rate of interest.
It is the Deputy who is asking to impose the burden not I.
People wanted to buy their own houses but they will not do it in those circumstances.