In a recent development, the city of Limerick faced a hurdle in its plans for block-paving when the Treasury declined to advance the requested £13,000. This decision came despite the prior sanctioning of the loan by the Local Government Board. Undeterred by the setback, the Limerick Corporation took proactive steps to explore alternative avenues to secure the necessary funding for the ambitious block-paving scheme.
In a meeting held on a recent Saturday, the Corporation deliberated on potential solutions to fund the project, which aimed to enhance the city’s infrastructure through the installation of block-paved roads. Despite the Treasury’s refusal, the Corporation sought to investigate the possibility of raising the required funds within the local banking sector.
The outcome of this inquiry has revealed that the Munster and Leinster Bank have stepped forward to support Limerick’s block-paving initiative. The bank has agreed to advance the sum of £13,000 at a reasonable interest rate of percent. Moreover, the repayment terms extend over a generous period of twenty years, providing the city with a manageable timeline for settling the loan.
This announcement comes as a relief to the Limerick Corporation, as it signifies a successful resolution to the financial challenge that momentarily jeopardized the progress of the block-paving project. The Corporation’s proactive approach in exploring local banking options has proven fruitful, and the Munster and Leinster Bank’s willingness to support the initiative is commendable.
The decision to undertake block-paving reflects Limerick’s commitment to enhancing its urban infrastructure, aiming to create smoother and more aesthetically pleasing roads for the benefit of residents and visitors alike. The city’s determination to proceed with the project despite initial financial setbacks showcases a resilience that aligns with its vision for progressive urban development.
As Limerick moves forward with its block-paving scheme, the community can anticipate positive transformations in the city’s landscape. The Munster and Leinster Bank’s financial support adds a crucial chapter to the city’s ongoing efforts to improve its infrastructure, making strides towards a more modern and efficient urban environment. The successful resolution of this funding challenge highlights the collabourative spirit between local authorities and financial institutions, working together for the betterment of Limerick’s civic amenities.
Weekly Freeman’s Journal – Saturday 02 March 1912
