asked the Minister for Agriculture the present position with regard to the amount of land bonds available to pay for land acquired by the Land Commission.

The Land Bond Act, 1975, raised the limit on the amount of land bonds which may be created to £60 million. The amount created up to 31st December last was £48 million. So far in the current year an additional amount of £6 million has been created by order of the Minister for Finance dated 17th February, 1977.

May I take it from the Parliamentary Secretary's reply that there is no scarcity of land bonds for the purchase of land? At the moment there is a big trade in land in anticipation of the report of the committee who are now sitting and in anticipation of the probability of some restriction on the sale of land. A great deal of land is being offered for sale and my information is that there is a go-slow because there are not enough land bonds available. I know people do not like land bonds.

That is not so. Land bonds are available. The Deputy said people do not like land bonds. The recent issue, the 15 per cent land bonds, sold on the stock market yesterday at 105.50 and the Minister has created an additional fund of 14¾ per cent bonds to pay for land this year so there are bonds available for the purchase of land and these bonds are of good value.

I just said in passing that people do not like land bonds.

The Land Commission have land bonds to buy land where they deem it advisable to do so. I have no evidence of any scarcity of land bonds.

Did the Parliamentary Secretary say land bonds issued at 14¾ per cent?

That is the current interest rate.

Has there been a reduction from 16 per cent?

There has been a reduction for the very good reason that the 15 per cent bonds are selling at 105.50 and the 16 per cent at 110 and, taking into account the drop in interest rates, that is exceptionally good value for those selling land.

Will the interest rates on land bonds go up if commercial interest rates go up?

Land bonds are fixed.

May I ask——

I want to make progress and Deputy Callanan will, I am sure, help me

We had a Bill here for new land bonds at 16 per cent——

I am afraid this is not a question.

Apparently, despite that Bill, bonds can be reduced.

I must dissuade the Deputy from making statements.

The new lands bonds at 14¾ per cent are very good. The Minister claimed, and rightly so, that they were good bonds but apparently now they have been reduced.

By a very small percentage and that figure will stand.