asked the Minister for Finance whether he is now in a position to state if the prospectus of the Industrial Trust Company of Ireland, now in liquidation, was published in any newspapers circulating in the United States of America or if news matter relating to the flotation was published in the American Press; whether it was represented directly or indirectly, to potential investors in the United States, that the solvency of the Industrial Trust Company was guaranteed by the Irish Government or that the application of sympathisers in the United States for shares in the company would be regarded favourably by the Irish Government; or if any representations have been made to him to the effect that the American shareholders of the company were left with the impression that there was a close relationship between the company and the Government and, referentially, that the solvency of the company was a matter of vital concern to the Government.
Ceisteanna—Questions. Oral Answers. - Prospectus of Industrial Trust Company.
I am not in a position to state whether the prospectus of the Industrial Company of Ireland now in liquidation was published in any newspapers circulating in the United States of America or whether news matter relating to the flotation was published in the American Press. Neither is there any information in my Department to show whether it was represented, directly or indirectly, to potential investors in the United States that the solvency of the Industrial Trust Company was guaranteed by the Government of the Irish Free State or that the application of sympathisers in the United States for shares in the company would be regarded favourably by the Government of the Irish Free State. As I informed the Deputy in reply to a somewhat similar Parliamentary question on the 14th ultimo, no authority was given by the Government to any person at any time to represent 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. Representations have been made to my Department from time to time to the effect that the American shareholders of the company were left with the impression that there was a close relationship between the company and the Government and, inferentially, that the solvency of the company was a matter of vital concern to the Government, but, since (as I have shown) these erroneous impressions were not created with the authority or the knowledge of the Government, I fail to see how the Government can be held responsible for them.