I think I understand a little more clearly now than I did what Deputy O'Higgins has in mind. It seems to me, first of all, that the risk which he contemplates, taking the worst possible view of what might happen, of investment of this kind in a company abroad which goes wrong, and a continuing investment of that kind, is a risk which, of course, exists but—and he touched on this towards the end of what he said—it is a risk without any investment abroad at all. It could happen entirely within the State as well as outside the State. Therefore, I do not think that any form of certificate or different form of words will change that risk because it is a risk which is inherent in the whole operations of the Industrial Credit Company in so far as it is investing in companies which may not be absolutely sure things.
All of us want to ensure that the Industrial Credit Company does not confine its activities simply to companies which are so strong and so well managed that they could get assistance anywhere. We want to ensure that, while the Industrial Credit Company is not investing wildly, it is prepared to take certain risks especially with Irish companies. Ultimately it boils down to the efficiency and effectiveness of the Industrial Credit Company in its day-to-day operations and in the perspicacity of the Board of the Industrial Credit Company.
The use of the word "likely" in the phrase "likely to be of benefit to a trade or industry in the State" is probably the only one possible in the circumstances. Any stronger word would mean that the Industrial Credit Company would have to say in effect before they invested in an outside company: "This investment cannot go wrong". Clearly, they could not say that. I think this wording is as good as we can get, granted the situation being as I have described.
Ultimately this rests on the effectiveness of the Industrial Credit Company in their operations. It seems to me that on the record of the ICC, the House can be assured they will not engage in a series of investments that will be unsuccessful and, in particular, are not likely to do so in regard to foreign companies. I would expect that the Industrial Credit Company would be quite wary about investments of this kind and would only engage in them when they were satisfied that it was a worthwhile investment.
Basically the problem is that if one engages in this kind of business certain risks are taken and ultimately one must depend on the judgment and good sense of the people concerned. I do not think any formula which we could devise in this House can get over or obviate that risk.