asked the Minister for Finance if he is aware that, of late, the Agricultural Credit Corporation have been refusing applications for credit for development purposes; and, if so, if he will make a statement on the present policy of the Corporation regarding agricultural credit.
Ceisteanna—Questions. Oral Answers. - Agricultural Credit Corporation.
11.
As against £5 million approximately in the last financial year the Corporation have already lent £5.4 million in the present financial year and will have lent £5.7 million approximately by 31st March next.
As I have already explained in reply to previous questions, when capital is short, priority must be given to loans for directly productive purposes. For this reason the Corporation are giving priority to loans under the unsecured loans scheme, and to loans for live-stock, seeds, fertilisers and essential machinery.
12.
asked the Minister for Finance the total amount of money deposited with the Agricultural Credit Corporation under the Corporation's deposit scheme; and the manner in which these funds have been utilised.
The Corporation consider that this information should not be disclosed more frequently than is required under section 5 (4) of the Agricultural Credit Act, 1961, that is, at the end of each financial year. Obtaining deposits is a competitive and confidential business. I agree with the views of the Corporation.
Apart from the amount retained as a liquid reserve, the moneys received from deposits are used to finance the Corporation's lending policy, and reduce the amount of Exchequer support required for that purpose.