HC Deb 25 March 1969 vol 780 cc1255-6
16. Mr. Ford

asked the Minister of Housing and Local Government what was the source from which the recent additional quotas for home loans by local authorities became available; how much became available from this source; and what steps have been taken to make it available to home buyers.

Mr. MacColl

£11 million became available from under-lending by the Greater London Council; additional quotas were offered from this amount to some lending authorities, and many others received additions after making application on seeing the Press reports of the surplus.

Mr. Ford

When did this amount become available? Was the whole of the quota taken up? Were local authorities given all they asked for in the allocation?

Mr. MacColl

We first knew about this on 8th January. The whole of it was offered, and nearly £9 million was firmly taken up. No local authority which asked for a quota was refused it.

Mr. John Fraser

Is my hon. Friend aware that £90 million a year is repaid on council mortgages and loans? Why not make that sum available for more loans and thus treble the present quota?

Mr. MacColl

That is another question.