§ Mr. David Priceasked the Minister of Agriculture, Fisheries and Food if he will list in the Official Report the rates of interest currently available to farmers in each of the member countries of the EEC for approved capital projects and for current working capital, respectively.
§ Mr. Peter WalkerThe following table, which is taken from a reply which was given by the Commission in answer to a question in the European Parliament, sets out the average annual interest rates which are paid by farmers in the Community on loans for investment during 1979. There have been several movements in rates since the table was compiled:
Country 1979 % West Germany —short term )6.8 —long term ) France —short term 8.5 —medium term 90 —long term 10.3 Italy —medium term : —long term 14.5 Netherlands —short & medium term 10–3 —long term 9.1 Belgium —short term )9.8 —long term ) Luxembourg —short term 7.8 —medium & long term ) United Kingdom —short term 15.6 —medium term 14.5 —long term —fixed 14.5 —variable 15.5 Ireland —short term 15.0 —medium term 12.0 —long term 16.0 Denmark —medium term (Jan. 1978 to 16.8 —long term June 1979) 17.9 Notes:
1. These figures do not take into account interest rate subsidies. (It is estimated that, in 1978, expenditure on interest rate subsidies for 63W FEOGA-aided measures was FF66.8 million in France, DM597 million in W. Germany and LIT2551.3 million in Italy. Official figures are, however, not available.)
2. All member States may give interest rate subsidies of up to 5 per cent.—7 per cent. in less favoured regions—or their capital grant equivalents, in respect of investments necessary for carrying out development plans in accordance with directive 72/159 on modernisation of farms.
The following table sets out the latest available information on European Community interest rates on borrowings to provide working capital: