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Dáil Éireann debate -
Thursday, 29 Apr 1999

Vol. 504 No. 1

Written Answers. - Local Authority Loans.

Róisín Shortall

Question:

71 Ms Shortall asked the Minister for the Environment and Local Government further to Parliamentary Question No. 193 of 1 April 1999, the way interest calculated on local authority loans in 1984 differed from the way private financial institutions calculated interest; if repayments were deducted from a loan of fixed interest at monthly or annual intervals, both in the case of local authority loans and loans by private financial institutions; and if he will make a statement on the matter. [11247/99]

The method of calculation of repayments on a fixed interest local authority loan is set out in the terms of the mortgage deed used by the particular local authority. I understand that while the majority of authorities calculated interest repayments on a monthly basis, some used a six monthly basis and some an annual basis. My Department does not have detailed information on the methods of calculation of loan repayments by private financial institutions in 1984, however, I understand that broadly similar arrangements would have applied in the private sector at the time.

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