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Dáil Éireann debate -
Thursday, 14 Feb 1935

Vol. 54 No. 12

Ceisteanna—Questions. Oral Answers. - American Investments in Industrial Trust Company.

asked the Minister for Finance if he will state whether investments made by American citizens in the Industrial Trust Company of Ireland (now in liquidation) were made as a result of any representations made directly or indirectly by the Government to the investors, and whether it is intended to indemnify the American investors against loss arising out of the winding-up of the affairs of the company.

In the prospectus on the basis of which the ordinary shares of the Industrial Trust Company of Ireland, Ltd., were offered for subscription it was stated that the Irish Free State Government had agreed to seek power to subscribe for 50,000 £1 shares in the company. Apart from this, no representations appear to have been made to the investing public that the Government had any special interest in the company, that it would control or direct its policy, or that any legal or moral guarantee for the safety of the company's capital was being given by the Government. No authority was given by the Government to any person at any time to make such representations; and, accordingly, it is not seen how the Government can be called upon to indemnify investors against any loss they may have incurred as a result of the winding-up of the affairs of the company.

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