andMr. McQuillan asked the Minister for Finance whether his attention has been drawn to a statement that the rate of increase in the extension of credit to farmers and agriculture continued to slow down in 1961; and if he will indicate the reasons for this in view of the importance of expanding agriculture.
Ceisteanna—Questions. Oral Answers. - Agricultural Credit.
7.
As may be seen from the annual reports of the Central Bank of Ireland the total bank credit outstanding to farmers and agriculture, which had been static at some £16 million to £18 million for some years, increased to £26 million in 1959, to £31 million in 1960 and to £34 million in 1961. The large increases in 1959 and 1960 followed on the introduction of various special schemes to increase the use of bank credit by farmers. The increase in 1961, although somewhat smaller, cannot be regarded as unsatisfactory.
May I ask the Minister whether he considers that increase is likely to continue in the present year?
I have not sufficient information to give an opinion on that.
Has the Minister any information as to what is the position at the moment?
No.
8.
andMr. McQuillan asked the Minister for Finance whether he proposes to bring in any new schemes of credit or loans to enable small farmers to purchase livestock and other farm requirements, and, if so, when.
As the Deputies are, no doubt, aware the Taoiseach announced in the course of an address to a Muintir na Tíre gathering at Thurles on 14th August, 1962, that the Agricultural Credit Corporation had been asked to formulate a scheme of loans for the special benefit of small farmers to enable them to borrow within specific limits on their own personal security for the purpose of purchasing livestock and other farm requirements, these loans to be additional to the facilities normally operated by the Corporation.
A draft scheme on the lines of that announced by the Taoiseach has, in fact, been formulated by the Corporation and is under consideration by the Minister for Agriculture and myself. I expect the terms of the scheme to be announced shortly.