asked the Minister for Finance if he will sanction the extension of the period for repayment of loans to small farmers from the Agricultural Credit Corporation from 20 to 60 years.
Ceisteanna—Questions. Oral Answers. - Small Farmers Loans.
14.
The fixing of repayment periods for loans issued by the Agricultural Credit Corporation Ltd. is a matter for the corporation and my sanction is not required. A repayment period is generally related to the life of the asset involved.
Would the Minister not consider that a word in the right place from him as Minister for Finance would indicate to the ACC that they might accept the principle enshrined in the question?
I would have some doubts about the principle enshrined in the question. Very briefly, at the moment in respect of £100 repaid in equal half yearly annuities, which is the present ACC system, a repayment period of 20 years has a half yearly annuity in respect of £100 of £5.24 with total repayments of £210, but a 60 year period would have a half yearly annuity of £4.27, with total repayments of £510. I do not think that the principle enshrined in the question is as clear cut as the Deputy may think.