AQW 18451/17-22

Mr Andrew Muir
Alliance Party
North Down

Tabled Date: 05/05/2021
Answered On Date: 17/05/2021
Priority Written: No

Question:
To ask the Minister for Communities whether she will bring forward proposals to allow councils to restructure their outstanding loans without penalty to aid financial circumstances as a result of the pandemic.

Answer:

Councils may apply to the Department of Finance (DoF) for loans from the Consolidated Fund or take out commercial loans with private sector providers. Loans from the Consolidated Fund are agreed by DoF, including the term of the loan and the interest rates that will apply.

My officials continue to liaise with councils through ALGFO (Association of Local Government Finance Officers) and SOLACE (Society of Local Authority Chief Executives) and DoF to ascertain if there are options to restructure loans that could be utilised.