asked the Minister for Lands if he will make the necessary changes in the land law regulations to enable the Land Commission to pay cash for all land acquired by that body.
Ceisteanna—Questions. Oral Answers. - Land Law Regulations.
42.
Cavan): I have already made my attitude in regard to the desirability of general payment in cash perfectly clear and I have stated in the Dáil and elsewhere that it is the intention to phase out the use of land bonds as a medium of payment.
Significant steps have already been taken in that direction. For example, while in the three years to 1972-73 only three quarters of a million pounds were available for the purchase of lands in cash, in a similar period following my appointment as Minister for Lands almost £6 million were allocated for that purpose. By any standards this is a significant allocation and it is especially so in the prevailing economic climate.
It is just not possible at the present time to finance land purchase entirely in cash and in order that the work of land structural reform can be maintained, recourse must be had for the time being to the use of land bonds as a medium of payment. I am concerned to ensure that the bonds will be acceptable. Last year the bonds bore an attractive interest rate of 16 per cent—a recent market quotation for them was 106½. The current series carries 15 per cent interest which is also a good rate just now. It is too early yet for a market quotation for them.
Is land which is compulsorily acquired paid for in cash? Would the Minister have a look at that?
(Cavan): My attitude to land bonds is generally known.
Would the Minister have available information as to the number of acres acquired for cash in the year 1972-73 as compared with the figure for the latest available year?
(Cavan): The Deputy may take it that far more land has been paid for in cash in the current year than in 1972-73.
Can the Minister indicate whether the land acquired for cash refers solely to land which has been acquired under the farm retirement scheme?
(Cavan): That is not so, Deputy.