asked the Minister for Local Government the proportion of total loans for houses which are provided by insurance companies; and if he is satisfied that insurance companies are contributing sufficiently in this regard.
Ceisteanna—Questions. Oral Answers. - Insurance Company Loans.
9.
In the year ended on the 31st March, 1973, life assurance companies paid out £6,864,000 in house purchase loans. This represented approximately 11 per cent of the total amount advanced for this purpose in the year by building societies, assurance companies and local authorities.
I am satisfied that, having regard to the growth of premium income and other factors, there is scope for a significant increase in assurance company expenditure on house purchase loans and I have, in fact, asked the companies to review urgently their policies and plans in relation to housing investment and to give favourable consideration in their reviews to expending the level of such investment.
Will the Minister ask his colleague when we will hear the result from the insurance companies who are failing in their obligations?
I will convey the Deputy's observation to the Minister.
The Minister quoted a figure of 11 per cent of the total allotted for loans; he did not tell what proportion of the insurance companies' money was allotted for loans. What percentage of their investment were they using? It was 11 per cent over all, but what percentage was it of their own money?
I have not got that information.
Can the Minister say when the request to the insurance companies was made by the Minister for Local Government?
That is a seperate question. I have not got that information.