asked the Minister for Finance whether he is aware that overdraft accommodation provided for co-operative societies is charged at the rate of 6 per cent. by the associated banks; and if, in view of this exorbitantly high rate, he will make representations with a view to securing more favourable terms.
Ceisteanna—Questions. Oral Answers. - Co-operative Societies' Overdrafts.
I understand that the rates normally charged to co-operative societies for banking accommodation are less than that stated in the question, and, accordingly, it does not seem necessary to make representations of the kind suggested by the Deputy.
Will the Minister say what the rates are, according to his inquiry?
They are very much less than 6 per cent.
Could the Minister say what they are?
They may vary from place to place. I could not say.
Approximately what would the Minister regard "as very much less"?
Less than 5 per cent.