asked the Minister for Finance when he will reduce the rates of interest being charged to local authorities for monies from the Local Loans Fund.
Ceisteanna—Questions. Oral Answers. - Local Loans Fund.
86.
The Exchequer lending rate, which is the rate charged to local authorities for moneys borrowed from the Local Loans Fund, is based on the cost of long term borrowing to the Government.
The rate, which at present is 9½ per cent, is kept under continued review and will be reduced as soon as circumstances permit.
I really think it is a bit much that this country should hold the record for the highest rate of interest in the western world today. There is complete secrecy. What is the secret treaty between the Irish Banks Standing Committee and the Minister for Finance in this matter at the moment? Would the Minister tell us?
There is no secret treaty. I think Deputy O'Donovan knows that.
It is all done by consent.
The Deputy knows we could have the lowest interest rates in the world and have no money here.
With all due respect, the present Government know how to make money. You use the printing press.
What is troubling the Deputy is that, due to our careful management of the economy, we have the money available.
Ah, go on. Wait until we see the Supplementary Estimates this year.