asked the Minister for Finance if he will state whether he is still a shareholder of the Irish Assurance Company, Limited; and, if so, whether as such shareholder he will endeavour to secure that the subsidiary company thereof which purchased the lands of Simmonscourt, Donnybrook, Dublin, will transfer the benefit of its pending contract for the purchase of such lands to the Royal Dublin Society, if they so wish.
Ceisteanna—Questions. Oral Answers. - Land Purchase at Donnybrook.
The answer to the first part of the question is in the affirmative. As regards the second part, I do not propose to intervene in a matter about which I have no information other than reports which appeared in newspapers and which apparently is solely within the discretion of the board of directors of the Irish Assurance Company, Limited, in operation of the powers conferred on them by the articles of association of the company.
Is the Minister aware that this is not an ordinary company, that it is a company of which he, as Minister for Finance, is the sole shareholder with possibly the exception of nominal qualification shareholders? Would he not take the interestto ascertain what is the position if he does not know it at present? Is the Minister further aware that the whole of the City of Dublin knows the position if he does not know it, that this company has stepped in and has prevented a society, which does so much for agriculture and industrial development, from extending their premises as they should be permitted to do.
I do not know whether it would be possible for me to answer all the points contained in that speech. The first point is this. The assurance company's funds are not State money. The assurance company's insurance funds must be assumed to be the property of the policy holders and have to be invested for their benefit. Secondly, the company operates under an Act of this House which gives it autonomy. It is not the practice of this Government, even if it were that of our predecessors, to interfere in an underhand or underground way with the autonomous powers which have been afforded to anybody by the legislation of this House.
Will the Minister explain how it is the ordinary share capital of the company has become the property of policy holders as he has stated, which is just nonsense?
If Deputy Sweetman is so green as to believe that this property was bought out of the proceeds of the share capital which was subscribed about 15 or 18 years ago——
Seventeen to be exact.
Very well; then I think there is no use in talking to him because we do not talk on the same plane of intelligence.
Is the Minister aware that on this particular site it will be extremely difficult to comply with the town planning regulations owing to the low density of building which will be permitted in that area? Further, is the Minister aware thatthat site was, within living memory, a quarry from which large quantities of sand were taken away and have now been put back presenting considerable engineering difficulty?
That seems to be a separate question.
That does not seem to have any relation to the question asked.
It has just this relation to it: if the Minister is interested in the property I would just point out to him that it would be very difficult to put up the number of houses on that site which would make it a profitable investment and, secondly, that the engineering problems presented will be considerable.
I understand that the Deputy has been a supporter of private enterprise for a great number of years. Is the idea now that we are to take over the management of this company and that the managerial decisions will be the subject of public debate in Dáil Éireann?
This is not private enterprise.
Would the Minister say that in respect of a company of which he is practically the sole shareholder, he would consider it underground methods to inquire into what is happening so that the effect on the agricultural and industrial life of the country of what is happening by the actions of the company may be fully judged by him and by the Government?
I am not going to pass judgement or try to envisage what the effects of this transaction may be on the industrial and agricultural life of the country. I am perfectly certain that the businessmen who are in charge of the company have weighed these matters for themselves. However, I want to correct a misstatement of Deputy Mulcahy. The Minister for Finance on behalf of the State does not own practically all the shares in this company.
Would the Minister saw what percentage of shares he does own?