asked the Minister for Local Government the extent to which private house building will be curtailed if the Irish building societies are now allowed to compete with their English counterparts in relation to rates of interest.
Ceisteanna—Questions. Oral Answers. - Building Society Interest Rates.
38.
Building societies in this country must compete for available funds with other financial institutions, both in Ireland and in Britain. It is not possible to quantify the effects of competition from British building societies on the inflow of funds to the Irish societies and consequently on the private house building programme.
Is the Minister not fully aware that one can get 10 per cent or 11 per cent tax free from English societies?
The Minister is aware that in Britain the investment rate is 6.3 per cent and the mortgage rate is 9.5 per cent as against 6 per cent investment rate here and 10 per cent respectively.
That is not the information available to me.
I am sorry, but the Deputy's information is not my fault.
I understand large amounts have left this country to be invested in these societies in Britain.
That surely is not a question.