asked the Minister for Finance whether in view of the fundamental departure contemplated by him in respect of the sale to private persons of portion of the share capital of State-sponsored bodies he will issue a White Paper in advance of the proposed legislation so as to inform the public of the basis and scope of his proposals.
Ceisteanna—Questions. Oral Answers. - State-Sponsored Bodies: Sale of Share Capital.
8.
As I stated in the Dáil last week in reply to questions on this subject, much preparatory work remains to be done on the possibility of issuing for public subscription some of the capital held by the State in State-sponsored bodies. Until this preparatory work is completed, I will not be in a position to say if a White Paper will be issued. The Dáil will in any event be given an opportunity of discussing the matter.
I might remark that the proposal is not, as the Deputy appears to think, a fundamental departure. The legislation relating to certain of these companies already contains provision for the issue or sale of shares in them to the public.
Does the Minister not recognise that our policy to date has been to ensure, in fact, that these companies are managed by State appointed nominees and, in order to ensure that is done, the State through the Minister or the Government appoints the directors? There would be widespread public concern if it were now contemplated, especially without any arguments having been heard in advance, that Governmentally controlled management should be shed and passed into private hands after the State and the whole community has invested substantial sums of money and borne certain charges in order to make these companies economic.
That is a positive statement, not a question.
Would the Minister give the public an assurance that no hurried legislation will be introduced and that the public mind will be fully informed before any Bill to give effect to the Minister's intentions will be introduced?
The Dáil, of course, will have an opportunity of discussing this matter before anything can be done. In what way I cannot say at the moment but possibly, and probably I should say, by way of legislation.
If legislation is needed, would the Minister realise that, having regard to the importance of the issues involved, it would be much better if the public were told by means of a White Paper, or otherwise, at length and informatively, what was contemplated rather than they should see for the first time a Bill introduced, without having heard in advance the arguments for the Bill? I wonder if the Minister would give some assurance on a matter which is obviously of concern to a considerable number of people and large sections of the community.
All I can promise at the moment is that the Dáil will have a full opportunity of discussing the matter before any decision can be taken. I do not know whether that opportunity will be by way of motion, legislation, or White Paper but, at any rate, the Dáil will have an opportunity.
Is this legislation contemplated at an early date?
I know that legislation will be necessary in certain cases and, perhaps, not necessary in others.