§ Mr. Bruce-Gardyneasked the Minister of Housing and Local Government if, in view of the new restraints on bank lending, he will put an end to the system whereby the Treasury reimburses local authorities for the excess in their average borrowing costs above 4½ per cent.
§ Mr. MacCollIt would frustrate the purpose of the Housing Subsidies Act, 1967, if the effective rate of interest at 269W which local authorities borrow in respect of new dwellings were raised above the 4 per cent. stipulated in the Act. Such borrowings are already controlled by the authorisation of housing programmes and the cost limits imposed on every scheme for subsidy purposes.