asked the Minister for Industry and Commerce if, having regard to growing public uneasiness concerning the purchase of Irish industrial, insurance and distributive firms by foreign interests by means of take-over bids, he will now take steps to prevent the further surrender of Irish enterprises to foreigners.
Ceisteanna—Questions. Oral Answers. - Take-over of Irish Enterprises.
13.
Mr. Ryan
I do not consider that any situation exists in this connection which calls for intervention by me.
Mr. Ryan
Is the Minister aware of the growing public alarm about the general sell-out of some of the most successful Irish firms? May we ask him to state when he proposes to take some action to prevent any further wholesale sales of Irish companies?
I have no evidence of the alleged general sell-out of our most successful firms the Deputy suggests there is. In any event, it has been common policy in this House to encourage foreign investment in the economy of this country. That, I think, continues to be common policy. Also, as far as our proposed membership of the Common Market is concerned, this would involve freedom of establishment which I think is accepted on all sides of the House as well. I repeat that a situation has not arisen which would require any action to be taken by me to avoid anything that is happening now.
Mr. Ryan
Would the Minister not distinguish between foreign investment in new concerns, new enterprises, and the wholesale buying over of existing Irish companies such as Unidare, the Hibernian Insurance Company and several other concerns which are named week after week in Irish newspapers as being sold out to foreign interests without any control being left——
It was the 1956 Finance Act that removed the penal 25 per cent stamp duty on the transaction. It was Deputy Sweetman made that possible.
Fianna Fáil introduced eight Finance Acts since and they had plenty of time to change it if they did not like it. The Minister for Lands likes it for a variety of reasons.
(Interruptions.)