asked the Minister for Finance the amount of (a) Irish capital and (b) external capital invested in the Cork Shipyard Company.
Ceisteanna—Questions. Oral Answers. - Cork Shipyard Company: Capital Investment.
18.
It would not be proper for me to disclose this information regarding an individual firm.
In so far as the Deputy may be interested in the commitments of the Industrial Credit Company, Limited, in this shipbuilding concern, my view, as previously indicated to the Dáil, is that I cannot answer questions regarding transactions between the Company and individual clients. I would, however, draw the Deputy's attention to the information given by the Chairman of the Industrial Credit Company in his address to the Annual General Meeting on 16th December, 1959.
In the light of the statement referred to by the Taoiseach is it not reasonable for a Deputy to inquire whether there is any foreign capital at all invested in the company referred to?
There is a substantial amount of external capital.
Would the Taoiseach permit himself to be more explicit on the matter? Could he give a percentage?
I think it would be entirely wrong in principle to give information regarding the finances of an individual private company. A substantial amount of information has been published in the statement referred to in my reply.
If the chairman of the Industrial Credit Company considers it proper to communicate this information to the public at large does the Taoiseach not consider that it should be made available to a member of this House? I think it is right and that the Minister ought to be able to give the information.
I do not think so. There is a difference.
If the information has already been published in the form mentioned by the Taoiseach does the Taoiseach not think it is reasonable that he should tell us what is the percentage of Irish capital and of foreign capital that is invested in the company?
I think it would be a very bad precedent to establish and one which would be detrimental to the national interest.
Would the Taoiseach not agree that in this case it is the public that is the largest single investor?
I can say that the external capital investment is substantially greater than the arrangement with the Industrial Credit Company required.
Is it greater than the Irish capital? I note that the Taoiseach does not answer that question.