asked the Minister for Industry and Commerce the number of wholly owned Irish industrial and commercial firms which have been taken over by foreign interests during the past 12 months, and the total amount of capital involved.
Ceisteanna—Questions. Oral Answers. - Take Over of Firms.
32.
The records kept in the Companies Office do not disclose the nationality of shareholders, or the beneficial ownership of shares held by nominees, and it is, accordingly, not possible to give the information which the Deputy seeks.
Surely the Minister would agree that with the recent substantial number of sales of Irish companies—for instance Dunlop and O'Brien Plastics in recent weeks—it is desirable that within his Department there should be very special surveillance of the extent to which Irish industrial and commercial undertakings are as of now being taken over by foreign interests? He should consider bringing in the legislation which he promised several months ago in relation to take-overs. Surely the Minister should not blandly put it off by saying there is no information in his Department?
Or sit idly by.
I did not say there was no information. What I said was that the records kept do not enable me to know, from an examination of the list of shareholders, the majority ownership of companies. A certain amount of this will be taken care of when the new legislation which I am at present preparing has been introduced and passed by the House.
When is it likely to be introduced? Would the Minister not agree that the list of companies being taken over is growing daily? The Minister should give a very definite indication as to when we will get this legislation.
It is very easy to say that the list is growing daily and create an impression that there is far too much of this going on. I am concerned about the fact that there is certainly in the distributive sector far too much external influence taking effect. I am very anxious to get my legislation straightened out. I am pressing at present with the parliamentary draftsman towards the finalisation of this legislation with a view to introducing it as soon as possible.
Is the Minister not of opinion that that sort of legislation would be more desirable to have passed through this House during this session than the Prohibition of Forcible Entry Bill?
The Prohibition of Forcible Entry Bill has been on the stocks.
Is the Minister aware that this type of information is available in almost every other civilised country in the world?
Certainly.
I do not accept that.