asked the Minister for Finance the new rate of interest to be paid on SDA loans in view of the interest rate paid on the new national loan.
Ceisteanna—Questions. - SDA Loans Interest.
30.
The Exchequer lending rate, on which local authority housing loans are based, is at present under review and I hope to be in a position to make a decision on the matter in the near future.
Would it not be usual for the SDA rate to be 1 per cent higher than the rate at which the Government borrow the money?
No. It will be ½ per cent higher.
But the local authority will put on another ½ per cent.
The rate of interest payable on local authority house loans is only ½ per cent higher than the Exchequer lending rate.
Do local authorities not add another ½ per cent?
In some cases it is only ¼ per cent.
The rate is only a ½ per cent higher. It is divided between the two — a ¼ per cent each.
Is the situation under active consideration with a view to increasing it to 1 per cent?
No. That is malicious consideration as distinct from active consideration. If Fianna Fáil know how to reduce interest rates on a worldwide scale they ought to make this known to the international Monetary Fund and not keep the information to themselves.
If everything is so good why are things so bad?
Order. Question No. 31.