Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 243: To ask the Minister for the Environment, Heritage and Local Government, further to Parliamentary Question No. 1105 of 27 January 2009, his views on whether the European Central Bank interest rate cut of 0.5% announced on 15 January 2009 will be passed on in full to local authority mortgage holders; and if he will make a statement on the matter. [5251/09]

Michael Finneran (Roscommon-South Leitrim, Fianna Fail)
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In general, following consideration by its Board, the rates charged to local authority borrowers are normally adjusted by the Housing Finance Agency (HFA) in line with movements in European Central Bank (ECB) rates. The Agency recently notified local authorities of its decision to pass on, in full, the 0.5% decrease announced by the ECB in January. The effective rate for local authority borrowers from 1 March 2009 will therefore be 3% — a cumulative rate decrease since October 2008 of 2.25%.

Jimmy Deenihan (Kerry North, Fine Gael)
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Question 244: To ask the Minister for the Environment, Heritage and Local Government the date he provided authorisation to Kerry County Council to purchase land for housing at Castleinch, Listowel, County Kerry; the amount of loan approved; and if he will make a statement on the matter. [5254/09]

Michael Finneran (Roscommon-South Leitrim, Fianna Fail)
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Sanction for a loan of €5.6 million in respect of land acquisition in Castleinch, Listowel was provided to Kerry County Council on 7 August 2008.