Dáil Éireann debate -
Thursday, 31 Jan 1963

Vol. 199 No. 6

Committee on Finance. - Nítrigin Éireann Teoranta Bill, 1962— Money Resolution.

Minister for Industry and Commerce (Mr. J. Lynch)

I move:

That for the purpose of any Act of the present session to authorise the Minister for Finance to take up shares in Nítrigin Éireann Teoranta, to provide for the making by that Minister of advances out of the Central Fund to that Company and for the guaranteeing by the Minister for Industry and Commerce of borrowings by that company and to provide for matters connected with the matters aforesaid, it is expedient to authorise:—

(1) the advance out of the Central Fund or the growing produce thereof of:—

(a) all moneys from time to time required by the Minister for Finance—

(i) to meet payments required to be made by him in respect of any shares taken up or otherwise acquired by him, and

(ii) to enable him to advance from time to time to Nítrigin Éireann Teoranta, for the purpose of enabling the Company to perform its functions, such sums (not exceeding in the aggregate, when added to any moneys advanced to the Company before the passing of such Act out of moneys provided by the Oireachtas, six million pounds) as the Company may from time to time request, and

(b) all moneys from time to time required by the Minister for Industry and Commerce to meet sums which may become payable by him under any guarantee given by him under such Act;

(2) the repayment to the Central Fund out of moneys provided by the Oireachtas of moneys paid by the Minister for Industry and Commerce under a guarantee given by him under such Act which have not been duly repaid by him;

(3) the charge on and payment out of the Central Fund or the growing produce thereof of the principal of and interest on any securities issued by the Minister for Finance for the purpose of borrowing under such Act and the expenses incurred in connection with the issue of such securities; and

(4) the payment out of moneys provided by the Oireachtas of the expenses incurred by the Minister for Industry and Commerce in the administration of such Act.

Mr. Cosgrave

Other than the expenses incurred in the formation of the company, can the Minister say what other expenses have been incurred to date? Can he also say to what extent construction has commenced on the site and if there is any indication yet of what staff, other than the staff employed on the construction work, have been employed?

Mr. J. Lynch

Other than the company expenses, there have been a number of payments made in connection with the contract. The company were authorised by me to borrow from their own bankers in advance of the Supplementary Estimate for £900,000 which was introduced in connection with the Second Reading of the Bill last week. That £900,000 is expected to provide sufficient funds for the company in its contractual and other obligations up to the end of March, 1963 when this Bill will be in operation. At the moment, apart from office staff, which is not very big—I think there are about four or five—the number of people employed on the site is very small, about ten. It was hoped that the actual construction would be undertaken soon but the bad weather of recent weeks delayed site development so that the actual construction work has not yet commenced.

There is another item to which I should refer. The office premises were purchased, one of those big houses on the outskirts of the city, at a cost of about £10,000 to £12,000, which, I think, was a good investment anyway, and another sum was spent in engaging the technical consultants. I cannot give the Deputy a breakdown of the money spent or committed already on the actual contractual work but it is still within the limit of the £900,000 we have passed for expenditure up to the end of March.

Question put and agreed to.

Money Resolution reported and agreed to.