asked the Minister for Finance if he will make a statement regarding the availability of loans to farmers from the ACC; and the prospects for a decrease in the high interest rates.
Ceisteanna—Questions. Oral Answers. - ACC Loans.
31.
The Agricultural Credit Corporation provide a wide range of short term, medium and long-term credit for farmers. Advances by the corporation in the six months April to September, 1974, totalled £27.1 million compared with £20.7 million in the corresponding period in 1973.
In order to provide the necessary funds to meet the demand for loans the ACC have to raise substantial amounts in the financial markets and pay the going market rate for these funds. While the general cost of funds remains high a reduction in ACC lending rates is not feasible.
Is it the intention of the Government to introduce a scheme similar to those operated by every other country in the EEC whereby interest rates are subsidised up to 6 per cent in the case of farm loans? As far as I know we are the only EEC country who do not operate such a scheme and therefore our farmers are at a disadvantage as against other EEC farmers.
Sin ceist eile.
I should like a reply to my question.
Table a question and I will answer it.
If that is to be the attitude of the Minister——
I would remind the Deputy that the Chair has no control over the Minister's reply.
On a point of order, this question is very important. Had not Deputy Gibbons asked a supplementary I intended to do so.
The Chair has no control over the Minister's reply.