asked the Minister for Economic Planning and Development the role, if any, the Government played in the further reduction of building society interest rates announced recently; if he considers interest rates on housing loans an important factor in economic and social planning; and if he will make a statement on the matter.

On 28th October last the Department of the Environment invited the Irish Building Societies Association to meet officials of that Department and of the Department of Finance to discuss building society interest rates. At the meeting, held on 15th November, the association informed the officials of its decision to reduce the rates charged on existing and new loans to the levels subsequently announced.

There can be no doubt about the importance of interest rates on housing loans in the context of social and economic planning. The availability of loans at reasonable rates is significant for the stability of the construction industry and, as a consequence, for the economy at large. The level of interest rates is equally important for those who are buying or who wish to buy their own houses. It will be one of the Government's primary concerns to ensure that the interests of house purchasers, of the building industry and of the saving public will be reconciled in the best possible way.

In view of the Government's interest in building society interest rates and in view of the reduction in interest rates by the ACC on already fixed interest rate loans, would the Government consider reducing the 12½ per cent, 11½ per cent and 10½ per cent interest rates pertaining on 48,500 loans to people who are less well off? Can we expect urgent action in this matter?

The trend of interest rates is reviewed regularly by the Government but the specific question might be more appropriately addressed either to the Minister for Finance in the context of Exchequer interest rates generally or to the Minister for the Environment.

The Minister said in his reply that the level of interest rates is very important to the output of housing. Surely the Minister will accept that, with current SDA loans at 12½ per cent, there is no incentive for less well-off people to purchase their own homes?

We cannot continue arguing. Questions must be brief. I will not tolerate this type of argument and that applies to all Deputies.

In view of the stated importance of these interest rates will the Government do for SDA purchasers what they did for the Agricultural Credit Corporation loans?

I have already indicated that the trend in interest rates and the level of interest rates are regularly reviewed.

If a person has an SDA loan of £7,000 over 30 years what would the difference in repayments be for that person if the level of interest was reduced?

I do not have the figures for that.

I can answer the Minister. It would be £190 per year or £4 per week.

9.