asked the Minister for Finance if he will state (a) the total amount representing loans due by farmers to the Agricultural Credit Corporation for the year ending 31st March, 1952, and (b) the annual interest charge due (i) at the old rates of interest, (ii) at the recently increased rates and, further, if he will explain why interest rates had to be increased on such loans.
Ceisteanna—Questions. Oral Answers. - Agricultural Credit Corporation Loans.
The Agricultural Credit Corporation makes up its accounts half-yearly to 30th April and 31st October in each year and the latest figures available are, therefore, in respect of the 12 months ended 31st October, 1951.
I am informed that at 31st October, 1951, the total amount of loans outstanding was £1,526,307 15s. 5d.
The second part of the question is based on a misconception. I informed Deputy Sweetman on the 30th January last that the decision of the board of the corporation to increase the corporation's lending rates applied only to new loans.