Dáil Éireann - Volume 265 - 16 May, 1973

Ceisteanna—Questions. Oral Answers. - Building Society Interest Rates.

Mr. Lemass Mr. Lemass

1213

[1213] 38. Mr. Lemass asked the Minister for Local Government the extent to which private house building will be curtailed if the Irish building societies are now allowed to compete with their English counterparts in relation to rates of interest.

Minister for Local Government (Mr. Tully) James Tully

Minister for Local Government (Mr. Tully): Building societies in this country must compete for available funds with other financial institutions, both in Ireland and in Britain. It is not possible to quantify the effects of competition from British building societies on the inflow of funds to the Irish societies and consequently on the private house building programme.

Mr. Lemass Mr. Lemass

Mr. Lemass: Is the Minister not fully aware that one can get 10 per cent or 11 per cent tax free from English societies?

Mr. Tully Mr. Tully

Mr. Tully: The Minister is aware that in Britain the investment rate is 6.3 per cent and the mortgage rate is 9.5 per cent as against 6 per cent investment rate here and 10 per cent respectively.

Mr. Lemass Mr. Lemass

Mr. Lemass: That is not the information available to me.

Mr. Tully Mr. Tully

Mr. Tully: I am sorry, but the Deputy's information is not my fault.

Mr. Lemass Mr. Lemass

Mr. Lemass: I understand large amounts have left this country to be invested in these societies in Britain.

An Ceann Comhairle Seán Treacy

An Ceann Comhairle: That surely is not a question.

Dáil Éireann 265 Ceisteanna—Questions. Oral Answers. Building Society Interest Rates.

Questions

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