asked the Taoiseach whether he has yet received the views which, in his statement to the Dáil on 14th July, 1955, he stated had been sought from the Industrial Credit Company regarding the facilities by which industry obtains capital for development and the improvement, if any, of such facilities which may be necessary or desirable; if so, whether he will communicate these views to the Dáil; and what action the Government proposes to take in regard to them.
Ceisteanna—Questions. Oral Answers. - Capital for Industrial Development.
I have received from the Industrial Credit Company a confidential memorandum on the matter to which the Deputy refers.
The main view expressed relates to an increase in the Company's own capital to enable it to cater more fully for the needs of industry. This view has been accepted in principle and, as a first step, a provision of £250,000 in respect of new capital for the company has been included in the approved State capital programme for the current financial year. The further capital needs of the company are under consideration.
Other suggestions made by the company are being carried out to the extent found practicable or desirable, or are still being considered with regard to the various factors involved. In this connection, the provisions in this year's Finance Act, widening the scope of the tax relief permitted on dividends from certain Irish industrial securities, are based on a recommendation made by the company and are intended to improve the marketability of such securities.