asked the Minister for Economic Planning and Development if the plans of his Department will make provision for increased house-building; and if SDA loans will be available to purchase such houses at interest rates below those of building societies.

The Government have not yet decided on the targets for annual housing completions which will be incorporated in their medium-term plans.

SDA loans are made available at rates of interest which are based on the rates at which the Exchequer can borrow long-term domestic fixed interest funds and the rate of interest attaching to these loans is fixed for the life of the loan. The interest rate at which building societies advance loans is determined by movements in short-term interest rates and the interest rate on these loans is variable throughout the life of the loan. It is not possible, therefore, to make advance comparisons between the cost of these different types of loans.

Does the Minister agree that the interest rates both here and abroad during the past few years are historically high and that something should be done in the interests of justice to reduce the present high interest rates?

I agree that the interest rates in recent years have been historically high. I have already indicated that the trend of interest rates is regularly reviewed. I do not want to say anything further at present.

Can the Minister say whether future SDA loans will take account of the prevailing interest rates, and does the Minister accept that it would be ludicrous for future loans to be at a higher rate than building society rates?

I regard that question as premature. In the last sentence of my reply I said it was not possible to make advance comparisons between the cost of different types of loans. The Deputy is going on to ask what we ought to do in future and I regard that as premature. If the Deputy waits until we prepare some economic and social plans, I will debate those questions with him then.