asked the Minister for Finance what amount, if any, of the recent loan floated by the ESB was given to the Government.
Ceisteanna—Questions. Oral Answers. - ESB Loan.
8.
I assume the Deputy is referring to the ESB 7 per cent Stock 1986/91 issued in February, 1966.
As I have previously explained to the Dáil, it is the usual practice of the State bodies to invest on a short-term basis with the Exchequer moneys which are surplus to their immediate requirements.
In accordance with this practice the ESB invested £5 millions with the Exchequer in the period immediately following the issue of their last loan. Since then they have withdrawn £2½ million of their short-term investment.
Will the Parliamentary Secretary now tell the House and the country that as a result of that action, for any extension of current, the consumer will now have to pay the capital cost and that the ESB will not dig a hole unless £500 is paid?
I think the Deputy completely misunderstands my reply.
This is a rather urgent subject throughout the country in so far as it is now quite clear that the ESB have no money to do anything. Will the Parliamentary Secretary tell the House and the country where the money has gone?
The Government borrowed it. They Borrowed the money from the banks and from the ESB.
I have not the faintest idea of what Deputy Barry is talking about and I do not think the Deputy has, either.
Question No. 9
Hold, hold.
Stop the lights.
Will Deputy Murphy please resume his seat? I cannot allow the Deputy to shout at the Chair. The Deputy must have some respect for the House, even if he has none for the occupant of the Chair.
Is the Parliamentary Secretary aware that in his statement her claims that the ESB have £2½ million which they are unable to utilise at the present time and, if so, is he further aware that, as Deputy Barry has pointed out, the ESB, to put it bluntly, claim that they are "broke" and cannot provide any extensions unless there is payment of the capital cost? They are the company supposed to have £2½ million they do not want.
That is a distortion of the reply I have given.
Question No. 9.
I would like you to allow the Parliamentary Secretary to reply, Sir.
I have not stopped anybody from replying.
He has no reply to that question.