Edition Bobbett2. Speeches and statements by Elizabeth F. Bobbett

1955 Wicklow, County Council

Source: Wicklow People, 23.04.1955

She [[Elizabeth Bobbett]] said the Council would be doing good work if they directed attention to the high rate of interest being charged against local authorities. Recently in city circles there had been a very big uplift of hearts over the recent decision not to increase the bank rate in par with Britain. Those circles thought that the Government was having more influence with the banks, and it might be a good idea to keep hammering until the door was thrown wide open. She had noticed recently that the Government guaranteed to the banks under the Trade Loans Guarantee Bill an additional 2½ million pounds at 4 per cent, and, on a question in the Senate recently, it was admitted that when there was a default on loans to the banks, they only charged the Government 2½ per cent. When the Government could come to an agreement with the banks to provide money for trade loans guarantees and get that money at 2½ per cent, surely the Government could come to an arrangement with the banks that local bodies who were providing houses, water schemes, etc. with the gilt-edged security from the rateable property of the county, should get the money which they required also at this 2½ rate. She proposed a resolution to send the subject to the General Council of County Councils for debate. Local authorities’ debts on 19th February, 1954, were, according to the Minister, approximately £94,677,000 and the total paid in interest to March, 1954, was approximately £3,326,000. It would be no harm to organise agitation once again to draw attention to that matter.