asked the Minister for Local Government the amount of money provided for private house building in each of the past three years by (a) the State, (b) building societies, (c) insurance companies and (d) other sources; and the rates of interest charged in each case.
Ceisteanna—Questions. Oral Answers. - Financing of Private House Building.
44.
As the reply is in the form of a tabular statement, I propose, with your permission, a Cheann Comhairle, to have it circulated with the Official Report.
Following is the statement:—
|
Year |
Estimated total investment in private housing |
Amount of total provided by loans from |
||
|
Local Authorities |
Building Societies |
Assurance Companies |
||
|
£ million |
||||
|
1964-65 |
25 |
3.160 |
7.791 |
4.734 |
|
1965-66 |
30 |
4.951 |
6.093 |
5.217 |
|
1966-67 |
N.A. |
4.969 |
6.754 |
4.265 |
A local authority has discretion to fix the rate of interest on their house-purchase loans. Generally they charge ½ % above the rate at which they borrow from the Local Fund. The interest rate on borrowings from the Fund in recent years has been as follows:
|
% |
|||
|
1964 |
6 |
||
|
1965 |
|||
|
Up to 14th November |
6¼ |
||
|
From 15th ,, |
7 |
||
|
1966 |
|||
|
Up to 27th November |
7 |
||
|
From 28th ,, |
7¾ |
||
|
1967 |
|||
|
Up to 12th June |
7¾ |
||
|
From 13th ,, |
7 |
Detailed information on the rate of interest charged by building societies and assurance companies, which may vary from agency to agency, is not available in the Department. Generally, however, the rates do not differ materially from those charged by local authorities.
NOTES:
1. The estimated total investment in private housing shown in the table above includes amounts spent on reconstruction.
2. The balance between this total and the totals provided by local authorities, building societies and assurance companies is made up of State and supplementary grants, loans by banks and other agencies, and deposits or other expenditure by private persons.
3. The amounts shown in the table for building societies and assurance companies are in respect of calendar years: those for local authorities relate to the corresponding financial years. The amounts for loans include loans for old houses.