asked the Minister for Finance if he is aware of a lack of confidence in investment generally; if this has been reflected in a lack of investment in the ACC particularly; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Investment Confidence.
36.
There is no evidence of any lack of confidence in investment either in the public or private sectors. On the contrary, Government loans and savings schemes are attracting higher investment than at this stage last year and recent reliable guides on investment in the private sector forecast higher investment in business and industry.
The amount invested in ACC deposit accounts from 1st January to 30th April, 1974, was below the figure for the corresponding period in 1973. Such deposits fluctuate, however, for a variety of reasons from month to month and receipts to date do not necessarily reflect receipts for the year as a whole.
Is there the further incentive now to invest with the ACC that the farmers will not get loans unless they have so invested and that you must have an investment in the ACC before you can get a loan?
In respect of certain purposes the ACC in the discharge of their responsibilities have decided that preference should be given to people who have deposits with the ACC. I consider this is a worthwhile decision and not one which should be discouraged.
When a person is seeking a loan, it is unlikely that he will have a deposit with the ACC. Is this another way of saying that you are not giving any loans?
No. The ACC do not require that the person making the application should have a deposit but they would naturally look favourably upon people who, when they had money, deposited it with the ACC. I do not know of any other lending agency that does not adopt the same policy. If this encourages the farming community to invest in the ACC it is a good thing. I would be surprised if any Members dissented from that.
The Minister for Finance stated here last week that one of the conditions of getting a loan from the ACC was to have substantial investment—if I remember rightly those were the words he used——
That is not so.
If the Minister checks the Official Record he will find it is so. Surely people who are looking for loans do not have substantial investment anywhere?
If the Deputy asks me a question I will answer him. He is making a speech now. He is deliberately misleading——
The Minister has not answered my question. Is he now stating categorically that people who do not have an investment with the ACC will get loans from them?
I have not so stated.
I can assure the Minister that people in my area who are looking for loans do not have investments anywhere. During the years they have been facilitated by the ACC.
We cannot debate this question all the afternoon. I will allow brief supplementary questions from Deputies Davern and Sheridan who have risen.
With regard to the small farmer with an uneconomic holding who requires money from the ACC to increase his farm, will the Minister see that money is allocated to such a person? General rumour has it that there is no money available from the ACC for the purchase of land.
It is more than a rumour.
I am asking the Minister if money will be available to the smallholder to enable him to increase his holding and thus farm on a broader basis?
The information in reply to the next question will reassure the Deputy that the advances from the ACC for the people he has in mind are greater this year than last year.
Will the Minister not agree that there is generally a lack of confidence in investment because of his proposals in the White Paper? Will he not agree that there are queries regarding withdrawals from the ACC at the moment?
The Deputy is repeating a lot of rubbish.
I am dealing with people who cannot get loans from the ACC.
The current rate of investment in Government securities is running more than one-third higher than last year.
That would not be difficult.
I am calling Question No. 37.