asked the Minister for Economic Planning and Development the controls he envisages for interest rates on housing loans in his plans for economic and social progress; and if a fixed relationship will be maintained between the interest rates on building society and SDA loans.

There are several factors which influence movements in the level of interest rates on the various types of housing loans. In the event of these movements leading to an unsatisfactory situation, it would of course be appropriate for the Government to consider suitable action.

Since the factors that govern the interest rates charged on building society and SDA loans are very different and do not necessarily change simultaneously, it is unlikely that a given relationship between the two rates could be maintained.

Is the Minister aware that for the first time in many years the SDA interest rate is 3 per cent higher than the building society rate and that until recently it was 1½ per cent lower? Therefore, a gap of 4½ per cent has been filled in favour of building society borrowers.

I am aware that the interest rates of the two groups have moved in the direction suggested. That makes my point, which I spelled out in my reply, that the factors which influence the trends in the two sets of interest rates are different. SDA borrowers did have the benefit of lower stable rates of interest during the period of very high interest rates which we experienced in recent years. Surely you can equally plausibly construct a case which says that the person who had to pay the very high building society rate in recent years is the first person in need of some reduction.

In view of the importance of interest rates on housing loans, is the Minister not prepared to use the precedent created by the Agricultural Credit Corporation and the precedent of Donaghmede in the Tánaiste's constituency and reduce the fixed loan interest rate to the building society interest rate immediately?

Donaghmede is not in the Tánaiste's constituency.

It was.

I have called Deputy Quinn.

I did not get an answer to my question.

That is not my fault.

Deputy Mitchell is again raising a question that was answered a few weeks ago.

I am raising a question that was asked last week. Forty-eight thousand people are affected by these high interest rates.

I have called Deputy Quinn.

Will the Deputy make the same case for increasing the rate for SDA borrowers if building society rates are increased again?

The Deputy has no right to ask a question before he is called.

Does the Minister agree that the purpose of SDA loans is to enable those with low incomes who are unable to obtain building society loans to obtain loans in order to purchase their houses? As the Government have the power to reduce the fixed interest rate on such loans they are at present making total nonsense of the policy of the Small Dwellings Act if they refuse to reduce the level of interest rates below the current building society rates.

That is an argumentative statement.

I have already made it clear that the factors governing SDA interest rates are based on different factors to those governing building society rates. Of course we want to encourage people to buy their homes, especially those in the low income groups, and that is one of the reasons why one of our steps, which was a quick practical step, was to introduce the £1,000 house grant.

The grant is nonsense without a loan.

The grant reduces the size of the loan.

Reduce the interest rates.

Deputies cannot continue asking questions before they are called. We must have some order. We have answered only nine questions in three-quarters of an hour.

(Cavan-Monaghan): This is the first time we have had a Minister for Economic Planning and Development in the House and perhaps we are a bit new fangled with him.

I should also point out to Deputy Fitzpatrick that it is the Minister's first time and there is an unwritten code that we should show the utmost courtesy to him.

Now that we have successfully broken that rule, fire ahead.

This is Dáil Éireann, not Trinity College.

Will the Minister state how much cheaper the SDA loans are now than at this time last year?

If the Deputy puts down a question I will answer it.

10.