asked the Minister for Local Government the annual cost of subsidising interest payments on Small Dwellings Act loans to original purchasers of new houses to ensure that each borrower is liable only for a fixed interest rate of 9 per cent per annum, the provision to apply to the original amount of the loan for the remainder of the original term of the loan; and the total number of such loans at present.
Written Answers. - SDA Loan Costs.
104.
Statistics are not readily available which would enable an exact calculation of the annual cost of subsidising the interest payments in the manner to which the Deputy refers. Estimates based upon the available information indicate that the number of loans concerned would be about 32,000 and that the annual cost of a subsidy which would reduce the effective rate of interest on these loans to 9 per cent would be about £1.7 million.