asked the Minister for Finance if, as an incentive to production, he will take steps to ensure that the Central Bank will make money available to the Irish farmers at the same rate as paid by the Bank of England for Irish money, namely, one-half per cent.
Ceisteanna—Questions. Oral Answers. - Loans for Farmers.
The Central Bank of Ireland is not empowered to lend direct to the public and I do not propose to seek legislative authority to enable it to do so. Credit facilities are available to Irish farmers through the commercial banks, the Agricultural Credit Corporation and other agencies at reasonable rates which correspond with those prevailing in England for similar business.
Is it not true that the rate quoted for loans to farmers by the Irish Agricultural Credit Corporation has recently been raised to 5 per cent. which is 1 per cent. higher than the rates charged by the corresponding body in England to the farmers in Great Britain?
It is done on the instructions of Mr. Butler, and you know that
Is not the Minister aware of that?
Question No. 44.
Will the Minister not answer the question? The Minister says that the rates obtaining in Ireland for the accommodation of farmers seeking credit are identical with those obtaining elsewhere. I am asking him, is he aware that in a newspaper which the Agricultural Credit Corporation publishes it is stated that the rate of interest is 5 per cent., whereas the corresponding corporation in England published a rate which is 1 per cent. lower?
That does not arise out of the question. I was asked if I was going to introduce legislation.