Oireachtas Joint and Select Committees
Tuesday, 21 March 2017
Select Committee on Agriculture, Food and the Marine
Estimates for Public Services 2017
Vote 30 - Department of Agriculture, Food and the Marine (Revised)
In all likelihood, what would have happened is that they took a figure of three years and decided that would be the average term for the loans. Every 1% subsidy the banks get paid, and this is how it would have happened going back to the 1980s and 1990s, is €1.5 million, so instead of it being 2.9% it should be 5.9%. That 3% is close to €5 million per annum. That is where the money is going.