asked the Minister for Finance if he is aware of reports that there has been a reduction in the amount of money which the ACC will lend during the coming year; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - ACC Loans.
22.
I have seen reports of a reduction in lending by the Agricultural Credit Corporation this year. Such reports are not correct and are highly irresponsible. With an approved budget of £45.0 million for 1974-75 the corporation can increase the high level of business which they had in 1973-74. The budget approved for ACC for the period April to December, 1974, is £34.0 million compared with actual lendings of £29.0 million in the corresponding period in 1973, an increase of over 17 per cent.
Is the Minister not aware that the ACC will need to have a good deal of extra money this year as the requirement for farm modernisation would demand much more applications coming before them?
No, the money already made available has been very carefully related to anticipated demand and we are satisfied that the available credit will be sufficient to meet all requirements.
Is the Minister not aware that the ACC have restricted some of their lending, such as for farm buildings and farm industries?
The ACC are charged, by statute, with responsibility in these matters, not the Minister for Finance. From time to time the ACC vary the conditions which they attach to applications or to the type of applications they are prepared to meet. Of course, in the changing circumstances of modern agriculture, these are more than likely to change, not in this year alone, but in future years as well. All these changes are occurring for the purpose of bringing greater benefit to the agricultural community because it is acknowledged that agriculture in Ireland must be restructured and loans will be paid accordingly to achieve these goals.
Is the Minister aware of the directive given to the ACC by some source not to give any more money for the purchase of land up to 1st January?
No, I am not aware of any such direction. I would point out that, as I said last evening in the budget debate, it is wrong to assume —as certain people would want to assume—that the ACC is the only source of credit for farming. Existing credit for farming is estimated at £225 million of which the ACC is responsible for only £80 million, the remainder coming as is normal, from the banking system.
How can the Minister reconcile the statement he has just made with that which he made in the House at column 815, Volume 272, No. 5 of the Official Report on the 2nd May, 1974, when he said that the money has not been made available to them?
It is not in order to quote at Question Time.
I accept that it would not be in order to quote but it is made more grevious when there are misquotations.
It is actually in the Official Report. The Minister has actually said that the money has not been made available to the ACC.
Let us not engage in argument about it.
What money? Is the Deputy suggesting that the £45 million has not been made available? If the Deputy would read——
Next question, please.
(Interruptions.)
I am only quoting the Minister's own statement. If that is so, then the Minister was wrong in the statement he made in the House on 2nd May.
Deputy Crowley, please; Question No. 23.
The Deputy has grossly misquoted. He is taking something out of context.
Is the Minister admitting that he was wrong at column 815 of Volume 272, No. 5 of the Official Report?
Deputy Crowley is living up to his image of being a highly irresponsible public representative.
(Interruptions.)
Deputy Crowley. The Deputy is being disorderly now by remaining on his feet. To finalise it, a quick supplementary from Deputy MacSharry.
(Interruptions.)
We might as well not be here.
I feel sorry for the poor Minister for Transport and Power.
Let me look after myself.
Deputy Crowley, please. Will the Deputy allow questions to continue in an orderly fashion?
The Minister made a statement here last week and contradicted it today.
We want to hear no more about it.
You will hear a lot more about it.
Not at this time. Deputy MacSharry.
Is the Minister categorically stating that no direction was given to the board of the ACC not to give loans for the purchase of land?
The Minister for Finance issued no such direction. The Minister for Finance has no power to issue any such direction.
Is the Minister aware of any such direction?
No, I said that already.
(Interruptions.)