asked the Minister for Industry and Commerce if he will state if any State guarantees have been given to the Irish Steel Company (Haulbowline), and, if so, the full nature and content of such guarantees; what sums have been advanced to this company under such guarantees or in any way from State moneys or moneys over which the State has any power or control; whether such sums come under the scrutiny of the Comptroller and Auditor-General or of any Government Department, and, if the latter, which Department; if he can give the names of the chairman and directors of the present board and any previous board of this or any prior company in which the Department had an official interest, also the names of the present auditors of the company; further, if he will state whether a receiver was appointed in connection with this company by or under the direction of the Department, if so, the name of the receiver; whether any fees have been requested by any receiver appointed, the amount of such fees, and if the amount has been examined, authorised or rejected by his Department; and whether he can state if any change in the composition of the board has taken place or is threatened as a result of the demand for any such fees.
Ceisteanna—Questions. Oral Answers. - Irish Steel Company (Haulbowline).
Irish Steel, Limited, was established as a public company without State financial assistance in any form. In 1941 a receiver was appointed to administer the affairs of the company by the trustees for the original debenture holders, namely, the Munter and Leinster Bank, Limited. I had no connection with this appointment. The receiver was Mr. Vincent Crowley of Messrs. Kennedy, Crowley and Company. When it had become clear that the efforts of the receiver to dispose of the business of the company were unlikely to be successful, I intervened for the purpose of effecting an arrangement for the reconstitution of the company. In accordance with this arrangement I have given a guarantee in regard to the payment of interest and the repayment of principal of a loan of £200,000 under the Trade Loans (Guarantee) Act, 1939. The full amount of this guaranteed loan has been made available to the company by its bankers but no State funds have been provided. The administration of the Trade Loans (Guarantee) Acts under which the guarantee was given is carried on in my Department.
The names of the present chairman and directors of the company are:—
Vincent Crowley, chairman; Joseph Gannon, Cornelius Murphy, Aodhagain O'Rahilly, Harald Osterberg.
I have not heard of any contemplated change in the composition of the board and no such change can be made under the provisions of the agreement relating to the guarantee for the loan, without my prior approval. The present auditors of the company are Messrs. Purtill and Company.