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Coughlan announces extension to Land Annuity Buy-Out Scheme

The Minister for Agriculture and Food, Mary Coughlan TD, today announced that she has extended to 31 October 2006 the deadline for participation in the discounted buy out scheme for Land Purchase/Reclamation Annuities introduced on 1 January 2006.

Under the scheme annuitants are entitled to redeem their annuities and receive a 25% discount off the capital sum outstanding provided all arrears are paid in full.

"The scheme has been very successful to date with some 1,350 out of a total of 2,150 annuitants opting to avail of its terms."

Minister Coughlan added that the scheme had been due to terminate on 30 June 2006 and the extension has been provided so as to facilitate those annuitants who have indicated that they are anxious to buy out their annuities under the scheme but need additional time to organise the necessary finance.

Minister Coughlan said she expects other annuitants who have not yet given serious consideration to the benefit arising from participation in the scheme to take advantage of the extension of time and do so.

"I would urge as many annuitants as possible to participate so that they may enjoy ownership of their land free from any further annuity payment to my Department".

30 June, 2006

Date Released: 30 June 2006