asked the Minister for Local Government whether he has sanctioned Dublin Corporation's request to commit themselves to an overdraft of £2.5 million; if so, why; and how this situation has arisen and its ultimate effect on the city ratepayers.
Ceisteanna—Questions. Oral Answers. - Dublin Corporation Overdraft.
2.
The application of Dublin Corporation to borrow such amounts as might be required by them, up to a maximum of £2.5 million, by means of temporary overdraft during the six months up to 31st December next, was sanctioned by me on 27th June last. In common with other local authorities the corporation use temporary overdraft facilities from time to time during the year as fluctuations in their cash flow require. I understand that the costs of any overdraft availed of by the corporation during the year are likely to be offset by interest accruing on foot of periodic credit balances on their accounts.
Will the Minister state if he has yet finished the review of housing finance for Dublin Corporation? If so, are we getting more money?
That is a different question.
I know it is not strictly relevant but it is on the same lines.
It is not even remotely relevant.
It is because of a scarcity of money.
Deputy Lalor has said it is because of a scarcity of money. Despite the fact that a tremendous amount of money has been put into housing, there is not enough to meet everyone's needs. I thought the Deputy knew that.
The Minister was denying that before.
About 7,000 building workers know that.
Let us get on with the relevant questions.
It is relevant and I am sure the Minister accepts that. Has the Minister completed the review yet? He promised he would do so some time ago.
I hope to have it very soon.
Is it not the case that this is an unusually large overdraft? Will it not adversely affect the rate that will have to be struck?
It is not unusually large and I understand it will not affect the rate.
(Dublin Central): Is the Minister in a position to give any indication from what specific institutions the corporation intend to borrow the overdraft?
That is a matter for the corporation.
(Dublin Central): I thought the Minister might have that information.
No. If the Deputy asks the corporation they might give him the necessary information.
I am calling Question No. 6.