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Seanad Éireann díospóireacht -
Wednesday, 24 Feb 1954

Vol. 43 No. 5

Local Loans Fund (Amendment) (No. 2) Bill, 1953—Second and Subsequent Stages.

Question proposed: "That the Bill be now read a Second Time."

Provision is made in this Bill for further issues from the Local Loans Fund in respect of local loans. The existing statutory limit on aggregate issues, as fixed by the Local Loans Fund (Amendment) Act, 1953, is £70,000,000. The Bill extends this limit to £90,000,000.

Since the fund was established on 1st May, 1935, issues from it have amounted to approximately £57,500,000, of which £47,500,000 was for housing loans, £6,500,000 for public health loans and over £780,000 for temporary advances to the Dublin Corporation under the Finance (Miscellaneous Provisions) Act, 1945, in connection with the redemption of stock, over £1,000,000 for vocational education loans and approximately £1,500,000 for loans for other services.

Loans sanctioned from the fund, including a carry-over from before 1st May, 1935, have amounted to approximately £68,500,000. While loans are normally sanctioned in full, they are issued in instalments as required by the borrowing authority, a fact which accounts for the difference between the figures for sanctions and for issues.

As the total commitments of the fund will shortly reach the present limit of £70,000,000, the extension proposed in the present Bill is necessary. The additional margin of £20,000,000 should suffice to cover commitments for at least two years at the present rate of issue.

I take it that this Bill facilitates matters for local authorities in so far as housing and other things are concerned?

Of course, at the new rate of interest. That is rather interesting for us also. Those who go borrowing go sorrowing. However, I have no objection to it.

I suppose it is only another £10,000,000.

Question put and agreed to.
Bill passed through Committee, reported without amendment, received for final consideration, and ordered to be returned to the Dáil.
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