The Act was effected by, and informally named for, Edward Gibson, 1st Baron Ashbourne, the then Lord Chancellor of Ireland.

The loans would be paid back over 48 years and the rate of interest would be fixed at 4% per annum.

This made the loan repayments affordable, and more people could benefit from the Act as they would now be able to buy their own land.

Therefore, the Ashbourne act was a way to win over Parnell while keeping William Ewart Gladstone on the opposition benches.

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