Léim ar aghaidh chuig an bpríomhábhar

Dáil Éireann díospóireacht -
Tuesday, 29 Oct 1974

Vol. 275 No. 3

Ceisteanna—Questions. Oral Answers. - Loan to Building Societies.


asked the Minister for Local Government the amount of the £5 million bank loan to building societies which has been allocated to each individual building society; the repayment arrangements that have been entered into; and the amount of the loan that has been paid to each building society to date.

The special borrowing facility of £5 million is repayable in 12 monthly instalments commencing in April, 1976. The interest rate charged by the banks on the loans is the 1 to 3 year A.A.A. lending rate but, subject to the necessary funds being voted by Dáil Éireann, the effective cost to the societies is being reduced to a rate ¾ per cent below the current mortgage rate by means of State subsidy.

It is not the practice to give details of the amounts allocated to individual societies. The drawdown of the loan is a matter between each participating society and its bankers, subject to a final drawdown date of March 31st, 1975.

Is it the Minister's statement that the House will not be informed of the amount of this loan that has to be paid to each building society?

Yes. It is not the practice to give it.

That information was given previously.

I understand it was not.

I have the information. It was given previously. It was not kept private and I do not see why such information——

We cannot have an argument on the matter.

I should like strongly to object——

This is Question Time.

Yes, and I am asking the Minister if he would ensure that this information will be made public, especially in view of the fact that an announcement was made here by the Taoiseach about the provision of £5 million to the building societies. At the time of that announcement the building societies knew absolutely nothing about it—they had not been consulted and had not indicated whether they were prepared to accept the loan or not.

Deputy Molloy is now offering an opinion which, as usual, is erroneous.

It is absolutely factual.

There is no reason why we should have an argument at Question Time or, worse still, disorder.

I want to object to the House being denied——

There is no need for disorder. There is no need for belligerency of this kind at Question Time.

I am not being belligerent but when the Chair blocks me——

Question No. 35.