asked the Minister for Agriculture and Fisheries if he is aware that, when the Grain Storage (Loans) Act, 1951 was first applied, it provided loans for 35 years at 5¼ per cent interest; and that the present application of the Act envisages loans for 20 years at 7¾ per cent interest; and if he will take steps to revert to the terms first extended.
Ceisteanna—Questions. Oral Answers. - Grain Storage Loans.
21.
The Deputy's information is not correct. The rate of interest in respect of all loans advanced under the Grain Storage (Loans) Act, 1951, was the current rate for Exchequer advances at the time the money was issued and varied from 4¾ per cent to 6¼ per cent. The period of repayment of loans in respect of storage was 20 years. In the case of loans for drying equipment only the period of repayment was 15 years. These terms will also apply to any new loans which may be issued.