asked the Minister for Finance whether his attention was directed to the report of the proceedings at the final meeting held to wind-up the affairs of the Industrial Trust Company of Ireland; whether he is aware that the meeting adopted a resolution expressing concern at the manner in which the affairs of the company were conducted and declaring that the directors were deserving of censure; whether having regard to the fact that two of the directors concerned were appointed by the Government to safeguard the interests of the State, as shareholders in the concern, he proposes to take any action arising out of the adoption by the shareholders of the resolution referred to; and further, whether he is in a position now to state the extent of the loss incurred by the State arising out of the failure of the Industrial Trust Company.
Ceisteanna—Questions. Oral Answers. - Industrial Trust Company of Ireland.
I have seen the report referred to and am aware that a resolution was passed in the terms mentioned by the Deputy. I do not see, however, that any useful action on my part is possible at this stage, and the resolution does not in fact call for such action.
On the assumption that a sum of 1/8 will be received in respect of each of its 50,000 shares the loss incurred by the State will be £45,833.
Can the Minister say whether it is proposed to take any action in respect of those who were supposed to be representatives of the Minister for Finance in view of the fact that £45,000 of State money has disappeared in this extravagant way?
That is a separate question, and if the Deputy puts it down I shall answer it fairly definitely.
Do I understand that no action is likely to be taken by the Department of Finance in connection with the loss of £45,000 of State money in this ill-starred enterprise?
Would the Minister be prepared to recommend the constitution of a panel of the persons who did so well in connection with this company for the purpose of appointing them commissioners to take the place of local authorities through the country?
Emphatically no.
Might I inquire, if any action is taken, whether it will bear any analogy to the action taken by the Government and their predecessors in connection with the failure of Messrs. Alesbury, in which a considerable sum of State money was lost?
There is no connection between the two and the State money in Alesbury's case was lost many years ago.
What is the value of the bonds which, we learned from the Press, are to be surrendered to the Department of Finance?
That is another question, as an ex-Leas-Cheann Comhairle should appreciate.
I submit that if the Minister reads the latter part of the question he will understand that it is not a separate question.
Can we have any assurance that some action will be taken by the Minister in connection with the loss of the State's £45,000?
Will the action be in the shape of making the responsible persons Ministers of State?
That is most unlikely. They have already been discharged from these offices.
Past experience would not lead us to think so.