Dáil Éireann - Volume 433 - 08 July, 1993

Written Answers. - Mortgage Rates.

91. Mr. R. Bruton asked the Minister for the Environment the average percentage interest rate (APR) on the 12.5 per cent fixed interest rate loans given by local authorities; the way in which this rate has compared over the past ten years to building society rates; and if he intends to respond to recent criticisms by a judge of the extortionate rates now available in the market.

Minister of State at the Department of the Environment (Mr. Stagg): The APR on these is 13.47 per cent. Average building society mortgage rates have fluctuated considerably over the past ten years with the result that they equalled or exceeded this rate for approximately two and a quarter years out of the ten year period. As to the final part of the question, I refer to my reply to Question No. 82 on 6 July 1993.