asked the Minister for Agriculture if his attention has been drawn to a report (details supplied); and if he will state (a) when an application was made to his Department by the National Stud for permission to borrow money to complete the purchase of the stallion Runnett; (b) when the application was passed on by his Department to the Department of Finance; (c) when the application was sanctioned by the Department of Finance; (d) the reasons, if any, that were given by the Department of Finance for the delay in giving permission to borrow.
Written Answers. - National Stud.
557.
The National Stud was informed on 15 July 1981 that, while their request made in April 1981 for an increase in the level of Exchequer funding of the stud could not be agreed to, a proposal to increase their commercial borrowing facility to enable them to purchase a stallion quickly would be favourably considered if they so desired.
The first formal intimation received from the company that an increased borrowing facility was being sought for that purpose was dated 17 August 1981. No particular stallion was mentioned.
Following correspondence between my Department and the Department of Finance and between my Department and the National Stud, agreement to the company's request was conveyed to the National Stud on 4 November 1981.
Such delay as occurred in dealing with the company's application was due to the need to obtain further information and to examine carefully the company's proposals for the repayment of the increased borrowings.