Vol. 496 No. 5
61 Mr. Connaughton asked the Minister for Agriculture and Food the plans, if any, he has to introduce a buy-out annuity scheme for existing Land Commission allottees; if his attention has been drawn to the fact that some farmers are finding it very difficult to meet their current payments [19984/98]
I have no proposals to introduce a buy-out scheme like the one in 1993 whereby farmers could buy-out their annuities at a discount of 50 per cent on the outstanding capital provided any arrears of repayments were also paid. I am aware that some farmers may be having difficulties in meeting their annuity repayments and inspectors from my Department have been and still are visiting farmers who have arrears of £2,000 and over with a view to assessing the reasons for non-payment. If it is found that the annuity is excessive relative to the earning capacity of the farm and the family circumstances, it is intended to capitalise the arrears and to reduce the repayments to a more reasonable level which will result in an extension of the repayment period. On the other hand, if it is found that there is no good reason for non-payment of the annuities my Department will have to consider taking legal action in the matter.
