Perhaps the Minister has available to him information to what extent he holds shares in the company up to now and what the produce, if any, has been.
Committee on Finance. - Shannon Free Airport Development Company Limited (Amendment) Bill, 1974: Committee and Final Stages.
Section 1 agreed to.
SECTION 2.
Question proposed: "That section 2 stand Part of the Bill."
Firstly, I believe I am correct in saying the shares are held by the Minister for Finance. Secondly, I do not think I have the figure for the extent of the shareholding. I believe there has been no yield.
No dividend?
As I understand it; I am afraid I am not giving these answers to the Deputy with a great deal of certainty but I understand that is the position.
Is it correct to assume that Finance hold all the shares, even those that may be in the name of the Company?
I am shaky in being firm with the Deputy but I understand it to be that way.
We assume that when we set it up it is bound to be a solid structure anyhow.
In this instance, I have no reason to doubt that.
I shall not question it at this stage.
Question put and agreed to.
SECTION 3.
I move amendment No. 1:
In page 2, line 30, after "the Principal Act" to insert "and section 2 of the Act of 1970".
This is a drafting amendment. The 1970 Amendment Act extended SFADCo's responsibility to include the whole of the mid-western region, that is, County Limerick, County Clare, and the North Riding of County Tipperary. The relevant section of the 1970 Act, which provides for payment in respect of the administration of the mid-west region, was section 2. When this Bill was being drafted the reference to section 2 of the 1970 Act was omitted. In order to provide for SFADCo's administration costs in the region—that is, the expanded area which includes more than the old airport region; the whole mid-west region—it is necessary, therefore, to refer to the relevant section of the 1970 Act. The amendment proposes that, in page 2, line 30—it is in section 3—that after the words "the Principal Act" to insert "and section 2 of the Act of 1970". The necessity arises from an omission to mention the 1970 Act which extended the range of investment responsibility.
Amendment agreed to.
Question proposed: "That section 3, as amended, stand part of the Bill."
On the section itself, are these repayable loans? Are these outright grants towards capital development?
Yes. There are three categories of money; in section 2 they are shares; in section 3 outright grants and, in section 4, advances. In section 3 they are outright grants non-repayable.
Question put and agreed to.
SECTION 4.
Question proposed: "That Section 4 stand part of the Bill."
Are these advances?
Yes, they are advances. The limit here is increased to £17 million.
These are not repayable loans either?
No, but they are repayable advances. What is the distinction between a loan and an advance, I am not quite sure, but they are repayable advances.
Would the Minister be able to tell us now to what extent the Minister for Finance is committed in respect of these advances in the past?
The repayable advances are now at their limit of £10 million. The whole of the repayable advances have been taken up. Therefore, the balances available for issue are "nil" in that category.
What is the fixed date, or dates, for repayment?
I am told they are fundable over 50 years.
Question put and agreed to.
Section 5 agreed to.
Title agreed to.
Bill reported with amendment and received for final consideration.
Question proposed: "That the Bill do now pass."
I do not think there is much we want to say at this stage on the Bill. We might have been seeking information more appropriate to another time which could be broadened with regard to the amount of money invested generally in the company and the approximate relationship it would have to similar investments in other concerns. This is something which one could probably elicit by way of parliamentary question or on the Minister's Estimate. I would not expect the Minister to have details of these things here today. Generally, we are glad that the continuing provision is made. So far I have refrained from trying to score political points but some speakers welcomed this as a piece of new legislation; as if the Minister had thought out some piece of brilliant legislation. It is an absolutely essential, continuing, Bill to make provision for an excellent company which has done credit to the many pioneers of industrial development and which I have no doubt the Minister will continue.
I should like to thank the Deputy for his last remarks and to say that, where I have not been able to provide information, we will note what he says and, through my own Estimate, I shall endeavour to satisfy him.
Question put and agreed to.
This Bill is certified a Money Bill in accordance with Article 22 of the Constitution.