asked the Minister for Finance if he is aware that farmers are experiencing difficulty in obtaining World Bank loans; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - World Bank Loans.
16.
I am not aware that farmers generally are experiencing any difficulty in obtaining loans under the World Bank loan project for livestock development.
Loans under this project are readily available to all farmers, except those with very large-scale enterprises, provided the applicant derives his income mainly from farming and wishes to develop additional livestock production facilities based on an approved farm plan. Applicants must, of course, satisfy normal creditworthiness criteria. The progress of the project has been very satisfactory and to date 477 loans amounting to over £4 million have been approved under it.
Would the Minister agree that those loans are paid to the people who least need them and that those who need them to get them over a weak period, which many farmers are experiencing at present, are finding it really difficult to get loans? In other words, it is the same old story—loans are available to those who do not need them.
The Deputy is overpainting the picture.
Would the Minister say whether there is any agency where farmers who are refused loans can get advice or guidance?
No. The Deputy will appreciate that there is a reasonable amount of competition in the money market and if an applicant is refused at one place he has the right to apply elsewhere.
Would the Minister not consider that there has been a very small number of successful applicants considering how long the scheme has been in operation?
No, it has not been operating all that long and the fact that 477 loans amounting to over £4 million have already been granted is a fair indication that the loan is successful and is being taken up.
How many applicants were refused?
I have not got that figure before me.