asked the Minister for Finance what amount of deadweight debt in respect of pre-1933 Land Act purchase agreements was created by reduction of annuities by 50 per cent. under the Land Act, 1933; and what is the amount of deadweight debt in respect of post-1933 Land Act purchase agreements.
Ceisteanna—Questions. Oral Answers. - Deadweight Debt.
The gross capital liability in respect of land bond advances for the repayment of which the State assumed liability by reason of the reduction of annuities under the Land Act, 1933, was £11,429,600 at the date of the passing of that Act. In respect of operations between that date and the 31st March, 1943, an additional liability of £2,188,304 has been assumed.
The net capital liability existing at 31st March, 1943, was £13,308,757, i.e., the aggregate of the above figures less the amounts recovered under the provisions of the Land Act, 1936, in relation to excess land bonds (Section 11) and excess standard price (Section 15).
Can the Parliamentary Secretary say if it is the intention of this Government to continue to purchase land and sell it to the purchasers at one-half of what it costs the State?
That is a separate question.
That is the source of the debt. Is it the intention of the Government to allow that debt to continue and grow, and how long are we going to go on purchasing land and selling it to people for one half of what the State pays for it?
That is still a separate question. The Deputy asked for figures which he has got.