asked the Minister for Agriculture if the Land Commission offer tenants the option to purchase land annuities outright; and, if so, the terms offered and any other details.
Ceisteanna—Questions. Oral Answers. - Land Annuities Purchase.
14.
Mr. Kitt
As stated in reply to a recent question—No. 11 on 15th February, 1977—the payer of a land purchase annuity may at any time ascertain from the Land Commission the cost of redeeming the annuity and he may redeem the annuity if he so wishes.
The redemption terms would depend on the Act under which the advance for the purchase of the lands concerned was made and the rules relating thereto. In the case of allotments being made by the Land Commission under permanent agreements the entire purchase money may be advanced by the Land Commission and repaid by an annuity. The allottee, however, has the option of paying the full purchase money in cash or of paying part cash and the balance by way of annuity.
Mr. Kitt
Could the Minister tell the House if there are any special terms available to farmers in the western areas as regards buying the land annuity outright?
I do not know what type of special terms the Deputy has in mind. Farmers in the west have the same right as farmers in every other part of the country. They can inquire the amount of the annuity from the Land Commission. They are free to offer that amount in cash and pay it if they so desire.
Mr. Kitt
I understand that farmers in western areas would have the option of paying half the market value the Land Commission paid for the land. Is this scheme in operation?
For a farm in the west?
Mr. Kitt
Yes.
I am not so aware but I will make an inquiry and let the Deputy know.
Mr. Kitt
Have the Department any proposals to make loans available to these farmers who buy these annuities because at the moment the price of land is very high——
The Deputy is raising another matter.
That would increase the price of land even more.
The Minister should make inquiries about this. My understanding is that if farms purchased in the west cost £1,000 an acre the person who gets the land has the option to buy the land annuity at half the value?
I was not aware of this.
That is what Deputy Kitt wants to know. This is my information and if I am wrong I would be delighted to know.
I have said that I will make inquiries and let the Deputy know.
Would the Minister inform us about it?
Yes.