andMr. Hegarty asked the Minister for Finance if he will consider abolishing the Agricultural Credit Corporation in favour of a direct Government lending authority in view of their failure to grant financial facilities to deserving applicant farmers.
Ceisteanna—Questions. Oral Answers. - Agricultural Credit Corporation.
44.
Of the total number of applications received by the Agricultural Credit Corporation in the year ending 30th April, the percentage of approvals issued was 84 in 1969, 85 in 1970, 90 in 1971, 89 in 1972 and 89 in 1973. These figures indicate that far from refusing deserving farmers, the corporation have gone a great distance towards meeting the very large and continually growing demand for credit. It is not to be expected that the corporation, or indeed any responsibly-run credit institution, would have a 100 per cent record of acceptance of applications. I am satisfied that the corporation's record in regard to applications shows that they are achieving a balanced progress in which expansion is combined with reasonable prudence.
As regards the proposal to abolish the Agricultural Credit Corporation in the first part of the question, I consider that the ACC, with the degree of independence which they enjoy as a semi-State body, are the most appropriate type of organisation for handling State credit for farmers. I am satisfied that the corporation have shown that they deal with each application on its merits. The Government would not be in favour of any change which might have the effect of impairing the corporation's day-to-day independence.
Cases have come to my notice where applications have been made for loans after consultation with the local agricultural adviser and have been turned down, notwithstanding satisfactory repayment records to the corporation by those applicants?
I am not aware of this but if the Deputy would give me the information in his possession I will ask the Agricultural Credit Corporation to examine the matter. A fair indication of the expansionary policy of the ACC can be obtained from the actual figures of loans made. In the year—ended in each case, 30th April— 1969, it was £6 million; in 1970 it was £7.6 million; in 1971 it was £8.6 million: in 1972 it was £17.4 million and in 1973 it was £28.9 million. I expect that cases would arise where there would be disappointment on the part of applicants but if the Deputy gives me information of cases he has in mind I will have the matter examined.
The Minister agrees, therefore, that the Agricultural Credit Corporation are doing a good job?
They are doing a fine job.