asked the Minister for Industry and Commerce whether any loans or grants were paid to Valclair Investment Company Limited of Montreal or to Rayol, shareholders of Potez Aerospace Limited, or to Franus International Trust Company Incorporated of Panama City, the owner of 99 per cent of the shareholding of Rayol; and, if so, the amount and date of each such loan and grant.
Ceisteanna—Questions. Oral Answers. - Grants and Loans to Potez Companies.
83.
No State grants or loans were made to these companies.
That is something to be thankful for.
84.
asked the Minister for Industry and Commerce whether any grants or loans were made to (a) Rayol and (b) Nilbud Investments both of which companies were shareholders in Potez Industries of Ireland Limited; and, if so, the amount and date of each such loan or grant.
No State grants or loans were made to these companies.
85.
asked the Minister for Industry and Commerce the total sum now due to the State for (a) grants repayable and (b) loans by the Potez Companies; the amount paid in addition for grants which are not repayable; the rate of interest due on the loans; and the amount of interest outstanding to date.
The grants paid by An Foras Tionscal to Potez Aerospace Ltd., towards the costs of fixed assets amounted to £433,150. This sum is reclaimable on liquidation of the company. In addition a non-repayable grant amounting to £11,700 was paid to the company towards the cost of training workers.
The grant paid by An Foras Tionscal to Potez Industries of Ireland Ltd. towards the cost of fixed assets amounted to £539,800. This grant is reclaimable on liquidation of the company.
The responsibility for State loans is not mine but I am informed that loans as follows were made to these companies:
(1) a loan of £150,000 to Potez Industries of Ireland Ltd., by the Industrial Credit Company. The rate of interest and the amount of interest outstanding on this loan are not available to me;
(2) a loan of £90,000 to Potez Aerospace Ltd., by Taisci Stáit at normal bank overdraft rates. I am informed that the amount of interest outstanding at 23rd October, 1968, is £2,949.
(3) a loan of £18,000 to Potez Industries of Ireland Ltd., from the Special Regional Development Fund at seven per cent. The amount of interest outstanding on this loan is £897.
Is the Minister including, as I intended to include in the phrase "Potez companies", the various companies also mentioned in Questions Nos. 83 and 84?
Yes.