CITY COUNCIL OWES 120 MILLION ON LONG TERM LOANS

Date Published: 30-May-2012

Galway City Council currently owes one hundred and twenty million euro in long term loans.

The amount owing on long term loans had decreased to one hundred and nine million euro at the start of the year, a decrease of eleven million euro since the start of 2010.

The council has recently drawn down a loan of eight million euro to meet the costs of ongoing works at the Seamus Quirke road, and another one million for water drainage services.

The council confirmed at its monthly meeting earlier this month that it had not earned as much on the sale of affordable housing during 2011 as it had projected.