asked the Minister for Industry and Commerce the effects to date of the restrictions which he imposed last November on hire purchase transactions; and if he will state, having regard to the depressing effects of such measures on the motor assembly industry, when he proposes to relax the restrictions.
Ceisteanna—Questions. Oral Answers. - Restrictions on Hire Purchase.
51.
I assume the Deputy is referring to the official restrictions which were imposed on hire-purchase transactions last July.
These restrictions have been in operation for a limited period only and there are no official figures yet available to give an accurate picture of their effects. Provisional statistics indicate, however, that the total amount of hire-purchase debt outstanding continued to increase in the quarter ended 30th September, 1965, that is, after the imposition of the controls on 17th July, 1965.
I am not aware that these restrictions have had a particularly depressing effect on the motor assembly industry. The official restrictions imposed last July in the case of private cars were only slightly more onerous than those which the finance houses themselves had voluntarily applied for a considerable time before that date.
The Minister is aware that there has been some redundancy in the motor assembly industry. Can he indicate what are the prospects for expansion of employment?
The information available to me is that whatever drop there has been in the purchase of new motor cars has been mainly due to factors other than the application of this hire-purchase order. That is as far as can be estimated from the various types of business concerned.
But there is some depression. The Minister may not think it particularly depressing but there has been a depression.