asked the Minister for Finance whether any consideration has been given by his Department to the feasibility of using the moneys standing to credit in the American Loan Counterpart Repayment Fund for the financing of local authority housing schemes; and, if so, with what result.
Ceisteanna—Questions. Oral Answers. - American Fund Credits.
It is hoped that adequate finance for local authority housing schemes will be forthcoming from sources other than the American Counterpart Fund, particularly from savings, as, in view of the other commitments of the fund and the considerations governing its use, it is desirable that it should not have to be called upon for housing finance.
Can the Minister say what are the considerations governing its use that make it undesirable that it should be utilised for financing housing schemes?
These are set out in the statement made with reference to the conditions governing the utilisation of the counterpart fund. I can let the Deputy have a copy of that statement.
I would be glad if the Minister will tell me if I am mistaken in my assumption that housing was one of the objects towards which this money could be devoted.
That was included amongst a lot of other things. The general consideration is that the development of finance out of this fund will have to be such as to ensure repayment prospects, depending upon such things as economic conditions, an increased national income, or else by having direct returns.
Is it not a fact that the money lying to the Minister's credit in the Central Bank is not earning any interest?
I would not like to agree to that; it is not earning much.
Can the Minister say what rate of interest it is earning?
No. It depends or the time at which it was paid in and the conditions governing the payment at that time.
Will the Minister make that statement available to other Deputies in the House?
It has been made available, I understand. I repeated it in the last Budget statement.
Can the Minister say if there were any directions by the American Government that the money is to be used mainly for agricultural purposes?
As we are on a loan, not a grant, basis, we are not subject to directions from the American Government.