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)

4:00 pm

Photo of Michael D'ArcyMichael D'Arcy (Wexford, Fine Gael)
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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.