(Cavan-Monaghan) asked the Minister for the Environment the reason housing loans approved by Dublin Corporation have not been paid; and when the corporation propose to pay these loans.
Ceisteanna—Questions. Oral Answers. - Housing Loans.
2.
I understand from Dublin Corporation that there is no undue delay in advancing loans under section 39 of the Housing Act, 1966.
Regarding loans under the Housing Finance Agency scheme, the corporation intimated on 18 June 1982 that no loans had yet matured for payment. It is anticipated that these loans will be advanced as soon as the legal and other formalities have been completed. In particular, it is expected that the drafting of the form of mortgage deed relating to such loans will be finalised shortly. The agency will make the necessary funds available to the corporation without undue delay for the purpose of advancing such loans.
(Cavan-Monaghan): Would the Minister be surprised to hear that there are 75 loans duly processed, sanctioned and ready for payment but are being held up because there is no finance available from the Department?
Is the Deputy talking about the Housing Finance Agency?
(Cavan-Monaghan): No, I am talking about loans which have been processed to finality and are ready for payment but are held up for want of cash.
In which county?
(Cavan-Monaghan): Dublin Corporation.
I have a report from Dublin Corporation dated 30 May. They say the corporation have expended a total of £3 million on SDA loans. The adequacy of the allocation will be kept under review during the year but in the meantime the corporation indicated there is no undue delay in the payment of approved SDA loans.
(Cavan-Monaghan): Would the Minister be surprised to know that, as of yesterday, there are 75 loans ready for payment and nothing is preventing payment but shortage of cash? There are more than 300 cases which could be finalised but are not, because there is no cash available.
I can only tell the Deputy the situation on 30 May. We will keep this matter under close scrutiny to see what exactly the position is. I have given the facts on 30 May and the Deputy can take it we will look into it immediately.
(Cavan-Monaghan): If the Minister finds from a phone call that there are 75 loans being held up for weeks because there is no cash and that there are a further 300 loans ready to be paid, will he put the corporation in funds to pay these loans?
I have listened to the information the Deputy had to give and I am not saying it is incorrect but he can take it that if Dublin Corporation get in touch with us the situation will be considered.
(Cavan-Monaghan): I suggest that the Minister get in touch with them. I understand they have been in touch with the Department as recently as yesterday when people went from Dublin Corporation to the Minister's office looking for money.
The Deputy can take it they will be looked after.
If a loan was approved tomorrow for the Housing Finance Agency, would the money be available?
Yes. With the Minister I met the chairman and the managing director of the agency yesterday. The Incorporated Law Society has some reservations in regard to the form of mortgage deed, but I am glad to say that has been cleared and I expect the formal mortgage deed relating to such loans will be finalised within the next two weeks. In regard to moneys needed for the payment of loans, the chairman and the managing director of the agency have assured the Minister and me that money will be available on demand.