asked the Minister for Finance if he will state, with regard to the Grants-in-Aid and advances made from public funds for the Irish Tourist Board, (a) the rate of interest charged to the board, and (b) the arrangements made with the board as to the repayment of principal.
Ceisteanna—Questions. Oral Answers. - Tourist Board Funds.
The Grants-in-Aid of administrative and other expenses of the Irish Tourist Board, payable under Section 15 of the Tourist Traffic Act, 1939, are voted annually by the Oireachtas; they are not repayable, and, consequently, not subject to interest charges.
A rate of interest of 5 per cent. has been fixed under Section 17 of the Act in respect of advances to the board under Section 16 for works, investments or loans of a profit-earning character. Section 18 of the Act provides for the repayment of advances by half-yearly instalments, the commencement date and period of repayment to be fixed by the Minister for Finance after consultation with the Minister for Industry and Commerce. The repayment terms for advances must necessarily be related to the character of the particular scheme for which the advances are made. In two cases the repayment period has been fixed at 30 years, but as the schemes have not yet been completed, no date for the commencement of repayment has been specified. In another case 25 years has been fixed as the repayment period and the 1st July, 1945, as the commencement date. In a further case a repayment period of not more than 15 years was appointed and repayment commenced on the 1st July last. Consideration of the terms of repayment to be fixed in the other cases has been deferred until the schemes reach a more advanced stage.