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Dáil Éireann debate -
Tuesday, 27 Feb 1996

Vol. 462 No. 2

Written Answers. - Fixed Interest Rate Loans.

Mary Wallace

Question:

125 Miss M. Wallace asked the Minister for the Environment the reason it was necessary to instruct local authorities throughout the country to correspond with local authority borrowers with a fixed interest rate loan with regard to the raising of finance by the Government on the EU Equal Treatment Directive; and if he will make a statement on the matter. [4396/96]

To allay any possible concern, the Government decided last November that local authority borrowers with fixed interest rate housing loans should be informed of the proposed securitisation of the future repayments due on certain of these loans in advance of the publication of the necessary legislation. Local authorities were, therefore, asked to issue letters to borrowers explaining that the arrangements would not in any way change the terms and conditions of their loans; that the existing relationship between borrowers and their local authority would continue; and that borrowers would have no obligation to any other party in relation to their loan.

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