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Dáil Éireann debate -
Thursday, 6 Jun 1968

Vol. 235 No. 5

Ceisteanna—Questions. Oral Answers. - Industrial Engineering Company Limited.

21.

asked the Minister for Finance the amount of moneys represented by the debentures held by the Industrial Credit Company at the most convenient date in each year, for the last ten years in connection with the operations of the Industrial Engineering Company Limited, Dundalk; the name of the company in which each debenture now to be transferred is held; and if any debentures held by the Industrial Credit Company or any other State agency have been disposed of or transferred during these ten years.

The answer to the first part of the question is in the form of a table which, with your permission, a Cheann Comhairle, I propose to circulate with the Official Report. The debentures are in the name of the Industrial Credit Company Limited.

No debentures held by the Industrial Credit Company Limited or by any other State agency have been disposed of or transferred during the last ten years.

Following is the table:

AMOUNT of Indebtedness of Industrial Engineering Company Limited to the Industrial Credit Company Limited at 31st October in the following years.

£

1958

Nil

1959

750,000

1960

1,500,000

1961

1,897,864

1962

1,948,099

1963

1,948,099

1964

2,115,599

1965

2,469,599

1966

2,588,599

1967

2,613,599

Could the Minister assure me that the amount of moneys represented by the Supplementary Estimate for Industry and Commerce which has been circulated includes the amount of money represented by these debentures?

The total debentures outstanding in 1967 amount to £2.6 million.

As I understand it, the moneys were given by way of debenture and by way of ordinary overdraft accommodation. What I want to find out is if the amount of money represented by the Supplementary Estimate that has been circulated includes the amount of debentures, or is the amount of money represented by the debentures in addition to that? I would be quite satisfied if the Minister would give me the information afterwards.

The Supplementary Estimate will wipe out the amount covered by the debentures.

And the device of transferring the debentures to the Minister is merely a book transaction?

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