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Dáil Éireann debate -
Tuesday, 12 Dec 1972

Vol. 264 No. 6

Ceisteanna—Questions. Oral Answers. - Fóir Teoranta.

41.

asked the Minister for Finance the value of total net assets in respect of Fóir Teoranta at 1st April, 1972 and how they were financed, with a breakdown under the following heads: capital grants, issued share capital held by the Minister for Finance, issued share capital held by others, loan capital, reserves and others.

42.

asked the Minister for Finance the total number of (a) full-time and (b) part-time employees in Fóir Teoranta at present.

43.

asked the Minister for Finance the annual fee payable to (1) the chairman and (2) the directors of Fóir Teoranta; and the main occupation of each member of the board.

44.

asked the Minister for Finance the names of all firms in which Fóir Teoranta has a shareholding; the value of its shareholding in each organisation; the percentage of total equity which its holding represents; and the date on which Fóir Teoranta or its predecessor Taiscí Stáit Teoranta, took a shareholding in each of the organisations named.

45.

asked the Minister for Finance the names of all firms to which Fóir Teoranta has provided loan capital; the value of each loan; the percentage of total capital which each loan represents; and the date on which Fóir Teoranta or its predecessor Taiscí Stáit Teoranta made the investment in each of the organisations named.

With the permission of the Ceann Comhairle, I propose to take Questions Nos. 41 to 45, inclusive, together.

Fóir Teoranta does not directly employ staff. Under a management agreement staff services are provided by the Industrial Credit Company. Fifteen people are engaged on a full-time basis on the work of Fóir Teoranta and in addition the accountancy and administration services of the ICC are available to the Company.

The chairman of Fóir Teoranta is in receipt of £750 a year and each of the ordinary directors receives £500 a year. There are seven directors, including the chairman who is a retired civil servant. Three of the ordinary directors are managing directors of firms in the private sector, one is a chairman of a firm in the private sector, one is a trade union official and one is a rights commissioner.

As the information requested in Questions Nos. 41, 44 and 45 is in the form of tabular statements, I propose, with the permission of the Ceann Comhairle, to circulate it with the Official Report. I do not propose to indicate the total equity or total capital of any concern which the Fóir Teoranta investment represents as I consider that this would be an infringement of the concern's right to privacy.

The following is the information—

(i) Total Assets of Fóir Teoranta at 1st April 1972.

£

Total Assets

8,529,011

Financed as follows:

Share Capital (held by the Minister for Finance)

100

Advances from the Minister for Finance

7,487,976

Loan from Industrial Credit Company and accrued interest

993,788

Reserves

14,404

Current Liabilities

32,743

8,529,011

NOTE: The above represents the book value of the assets; the net value of these assets at 1st April 1972 is not available.

(ii) Fóir Teoranta Share Investments (including investments made by Taiscí Stáit Teoranta)

Name of Company

Amount of Investment (£)

Date of Investment

Aviation Development Ltd.

955,105

April 1964—September 1966

Electrical Industries of Ireland Ltd.

918,654

July 1971—December 1971

W. & R. Jacob & Co. Ltd.

394

February 1972

J.J. Murphy & Co. Ltd.

100,000

June 1971

Snia (Ireland) Ltd.

400,000

December 1969—May 1972

Talcoma Teo.

50,000

November 1972

Verolme Cork Dockyard Ltd.

450,000

December 1968—April 1971

J.H. Woodington Drogheda (1936) Ltd.

50,000

November 1971

£2,924,153

Avongate Milk Products Ltd.

326,000

January 1968—January 1971

Ballingarry Collieries (Production) Ltd.

263,870

July 1971—September 1972

Banagher Tiles Ltd.

45,000

September 1972—October 1972

Burke Higgins McNulty (Steel) Ltd.

40,000

November 1972

Carberry Milk Products Ltd.

155,000

December 1967—December 1968

Castleguard Textiles Ltd.

100,000

August 1972

Cloth Manufacturers Ltd.

76,500

March 1972—September 1972

Clover Meats Ltd.

103,750

May 1972

Container Engineering Ireland Ltd.

34,000

July 1972—October 1972

Edward Donaghy & Sons (Drogheda) Ltd.

50,000

July 1972

Dubarry Shoemakers Ltd.

70,000

September 1972

Electrical Industries of Ireland Ltd.

694,670

April 1972—October 1972

Ever Fresh Foods Ltd. (In Receivership)

76,625

August 1965

Fenian Gun Co. of Ireland Ltd. (In Receivership)

34,747

August 1969—March 1970

Fine Wool Fabrics Ltd.

12,000

September 1972

General Textiles (1970) Ltd.

100,000

August 1972

G.W.I. Ltd.

60,386

April 1970—April 1971

Hampton Mills Ltd.

100,000

August 1972

Herdmans (Ireland) Ltd.

25,000

December 1968

Ideal Weatherproofs Ltd.

50,000

June 1972

Irish Biscuits Ltd.

500,000

October 1971

Irish Dunlop Co. Ltd.

325,000

October 1969—November 1969

Irish Machine & Tool Co. Ltd.

30,000

September 1972—November 1972

Irish Tapestry Co. (Drogheda) Ltd.

45,000

November 1972

Irish Worsted Mills Ltd.

160,000

January 1971—June 1972

Kerry Precision Ball Co. Ltd.

100,000

March 1967—May 1969

Leitrim Furniture Co. Ltd.

40,000

August 1972—November 1972

Lovegrove Fabrics Ltd.

35,000

November 1972

Masser-Waterford Ironfounders Ltd.

342,000

September 1971—October 1972

Mitchelstown Co-operative Agricultural Society Ltd.

100,000

July 1969

Mollimex Ltd.

24,062

September 1972—November 1972

Mulcahy Redmond & Co. Ltd.

39,000

March 1972—September 1972

James J. Murphy & Co. Ltd.

420,000

July 1971

North Dublin Growers Ltd.

50,000

July 1969

P. O'Sullivan & Sons Ltd.

20,000

September 1972

Roadstone Ltd.

45,635

August 1970

Seafield Fabrics Ltd.

100,000

August 1972

Semperit (Ireland) Ltd.

900,000

April 1968—September 1969

Telectron Ltd.

250,000

October 1972

Verolme Cork Dockyard Ltd.

2,052,214

October 1968—January 1972

Waterford Co-operative Society Ltd.

75,000

March 1969—October 1969

Wesport Textiles Ltd.

100,000

August 1972

J.H. Woodington Drogheda (1936) Ltd.

20,000

March 1972

£8,190,459

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