(Cavan) asked the Minister for Finance if he will clarify the present policy of the Agricultural Credit Corporation Limited in reference to making loans available to farmers for the purpose of purchasing additional land.
Ceisteanna—Questions. Oral Answers. - Agricultural Credit Corporation Loans.
3.
I would refer the Deputy to the statement on agricultural credit issued by me through the Government Information Bureau on 31st August, 1965, and to my replies to questions on the subject in October and December, 1965, and in February, 1966. Briefly, the position is that in view of the general shortage of capital, the Agricultural Credit Corporation is confining its lending to projects of a directly productive nature. As a result it has ceased to lend for such relatively unproductive purposes as land purchase and the funding of debt. It does, however, make an exception in a case where a farmer with an uneconomic holding has an opportunity to acquire a small portion of land adjoining his holding at a reasonable price. During the seven months April to October, 1966, 55 such cases were approved by the Corporation, totalling £51,410 in value.