asked the Minister for Local Government if he will state what is the usual rate of interest charged by their treasurers to local authorities for capital works.
Ceisteanna—Questions. Oral Answers. - Rate of Interest for Capital Works.
Mr. Murphy
The present rate of interest on these borrowings is ½ per cent. under the Irish banking rate, subject to a minimum of 4 per cent. In effect, the rate at present is 4 per cent.
What is the rate of borrowing from the Local Loans Fund?
Mr. Murphy
It is 3¼ per cent.
So that the position now is that the Minister has decided——
Is this an oration or a question?
Is the position this, that the Minister has decided that the local authorities will have to go to the Irish banks for certain of their borrowings and will have to pay ¾ per cent. higher interest than if they were borrowing from the Local Loans Fund?
Mr. Murphy
The Deputy knows quite well that certain commitments of the local authorities are met through the Local Loans Fund. The Deputy knows equally well that for many years for certain commitments the local authorities have had to go to their treasurers for accommodation.
I know nothing of the sort, and I was longer Minister for Local Government than the present Minister.
And you learned very little.
I learned very little from you, only bad manners.
You do not hold the Minister responsible for your ignorance?
It is enough for him to be held responsible for his own.