Dáil Éireann debate -
Wednesday, 3 May 1967

Vol. 228 No. 5

Ceisteanna—Questions. Oral Answers. - Galway Textile Printers.

28.

Mr. Cosgrave

asked the Minister for Finance if he will state in respect of Galway Textile Printers, since it was established, the name of each director, the total sum advanced by way of loan by the Industrial Credit Company and the total losses to date; and what amount, if any, of the sums advanced was repaid.

... Mr. Haughey: As the reply, which is based on information supplied to me by the Industrial Credit Company Limited, is in the form of a tabular statement, I propose, with your permission, a Cheann Comhairle, to circulate it with the Official Report. As regards directors, I have given the information from the date in 1963 when the Industrial Credit Company Ltd. acquired all the share capital of the company.

Following is the statement:

Galway Textile Printers Limited.

(a) name of each director since the Industrial Credit Company Ltd. became the sole shareholder:

* John Harold May (American).

Ralph Dorrance Holt (American).

* Michael Mark Connor.

* Louis Joseph Heelan.

* Frederick Lincoln Rockefeller (American).

* Present directors.

(b) Amount advanced by way of loan by Industrial Credit Company Ltd.:—£1,622,017.

(c) Amount of loans repaid to Industrial Credit Company Ltd.:— £410,088.

(d) Total losses up to 30th June, 1966 (latest date to which audited accounts are available):—

£1,432,702 after charging £378,604 for depreciation and £186,599 for interest.

The balance sheet at 30th June, 1966, showed fixed assets (after depreciation) of £744,560 and current assets of £300,068.

Mr. Cosgrave

Can the Minister say was it the company concerned which applied to the Industrial Credit Company or was the grant made on the recommendation of An Foras Tionscal?

Mr. Haughey

The Industrial Credit Company do not make grants. They advance money in the normal commercial way. I understand, however, that there was a Foras Tionscal grant in the early stages of this company.

Mr. Cosgrave

Can the Minister say—but perhaps this is more appropriate for the Minister for Industry and Commerce—was the proposal to this company made on the recommendation of An Foras Tionscal or in respect of the loan by the Industrial Credit Company in conflict with the advice given by the trade concerned?

Mr. Haughey

I have not got that information.

Mr. Donegan

Can the Minister say whether pressure was used to make them invest, and was it exerted by An Foras Tionscal and the Industrial Credit Company on certain firms who were made to invest in this project when they themselves felt that they never had any chance of success?

Mr. Haughey

I am not so aware.

Mr. Donegan

I am so aware.

Mr. Sweetman

What was the total amount by way of grant and loan?

Mr. Haughey

The total amount advanced by way of loan by the Industrial Credit Company was £1,622,017.