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Coughlan welcomes positive response to Land Purchase Annuity Discounted Buy-Out Scheme

- Over 130 applicants since 1 January, 2006 -

The Minister for Agriculture and Food, Mary Coughlan TD, introduced a discounted buy-out scheme for Land Purchase/Reclamation Annuities on 1 January 2006.

Under the scheme, annuitants are entitled to redeem their annuities at a discount of 25% of the capital sum outstanding, provided all arrears of annuity are also paid in full.

To date, 131 annuitants have availed of the scheme, totalling €548,000 and these will now enjoy the benefit of ownership of their land, free from any further annuity payment to the Department.

"All annuitants who have not yet availed of the scheme should consider carefully what steps they need to take to enter the scheme and enjoy the discounted offer and organise finance where necessary, from banks or other financial institutions. I would urge them to participate, as this will be the last discounted buy-out offer made to annuitants" the Minister said.

Entry to the scheme will end on 30 June 2006 at normal business closing hours.

26 January, 2006

Date Released: 26 January 2006