asked the Minister for Agriculture and Fisheries the amount provided, the amount spent and the number of applicants to date for the livestock development loans announced in June.
Ceisteanna—Questions. Oral Answers. - Livestock Development Loans.
28.
The scheme of reduced-interest loans for farmers expanding livestock herds, for which provision of £350,000 was made in the budget, is operated by the Agricultural Credit Corporation Ltd. and the commercial banks, and came into operation on 7th June, 1972. Loans totalling £1,120,000 have been made under the scheme to 1,471 farmers in the period ended 31st October, 1972, the latest date for which figures are available. The scheme will continue in operation until the 31st March next. No payments of subsidy have yet been made to the lending agencies.
Can the Minister say if the amount of the loans meet the full demands on the ACC?
I am not aware that any worthwhile scheme put up by any farmer operating a livestock development programme has been rejected by the ACC. I believe that the amount of loan capital available to farmers for the development of livestock herds is adequate at present and this is a great deal more than was ever available before.
When will the subsidy be paid?
That would depend on when the first moiety for repayment falls due. At that time the Department of Agriculture will be responsible for the payment of 4 per cent of the interest rate.