asked the Minister for Finance if he is aware that agriculture in Ireland will require an input of £1,000 million over the next ten years to make the industry viable; and if he will state how this will be raised and the amount that will be available this year.
Ceisteanna—Questions. Oral Answers. - Investment in Agriculture.
118.
I am aware that a figure of £1,000 million over a ten-year period has been published by the IFA Livestock Committee as the amount of investment required to implement an expansion programme which they consider desirable. If an investment of this order is required it will be financed primarily by farmers reinvesting their own income, by Exchequer grants and by borrowing from the ACC, the banks and other financial sources.
The amount of public funds available to aid farmers' investment in agriculture in the period April-December, 1974, is—
|
Loan capital from ACC |
£34.0m |
|
Capital grants from the Vote for Agriculture |
£7.3m |
|
Other public investment in agriculture |
£11.0m |
|
£52.3m |
In addition to that sum the banks will of course provide normal credit for agricultural purposes.
Does the Minister accept that £1,000 million is necessary and by his own statement he is now saying that he is putting in only £52 million?
No, that is not so.
Is the Minister expecting the banks to supply the rest?
Perhaps the Deputies are not aware that the banking system holds most of the money available for agriculture here. Is he suggesting that we close the banks?
At what price?
Is it now Fianna Fáil policy to close banks and nationalise them?
At 17 per cent?
What is wrong with the banking system? Are Fianna Fáil against it?
The Minister will not let the banks give the money to the farmers.
The truth is that——
Deputy MacSharry and Deputy Meaney must restrain themselves.
——the amount of money now being made available to the agricultural industry is around £120 million per year which, as I pointed out in my first reply, was about £23 million more than was made available by my predecessor. That figure is in excess of the £1,000 million to which the IFA refer.
I am calling Question No. 119.
Farmers cannot get the money when they go to the banks.
It seems to me that the wrong people are——
I have called the next question.