The point I wish to raise on this section is a small drafting one which might be more appropriate to the Title. I should like to know if the name of the company is Irish Steel Limited or does it have an Irish name also. Is it to be Irish Steel Limited in one language alone? If so the Irish title for the Bill should carry the English name of the company because Gabháltais Chruach Na hÉireann Teoranta is only an Irish translation of Irish Steel Holdings Limited. If that is not in fact the name of the company then I believe the name of the company should appear in English or its legal form in the Irish title.
Irish Steel Holdings Limited (Amendment) Bill, 1979: Committee and Final Stages.
The name of the company, as of now, is Irish Steel Holdings Limited but section 2 proposes to change the name to Irish Steel Limited.
Whether it is one or the other the company's name will be in one language only? In the principal Act of 1960 the words Gabháltais Chruach Na hÉireann appear in the Irish version.
In the 1960 Act the company is defined in section 1 as Irish Steel Holdings Limited.
But in the Irish version of that Act it states:
ciallaíonn "an Chuideachta" Gabháltais Chruach na hÉireann Teoranta;
If that is not the name of the company it should not be in the Irish version any more than in the English version.
I believe that the English version in this instance prevails because the 1960 Act has a translation opposite the English version which suggests that, unlike the Constitution, the English prevails.
I agree, but the point I wish to make is that the title in every part of the Irish translation of the Bill where it refers to the company by name should refer to the name of the company, which I understand from the Minister is uni-lingual. For example, today we gave permission for the following Bill to be debated at Second Stage, An Bille um an gCóras Beostoic agus Feola, 1979, the English version of which is Córas Beostoic agus Feola Bill, 1979. That title is such because that body has only one name, Córas Beostoic agus Feola. If the company concerned has only an English title then it should be that English version which is used in the Irish and English versions of the Bill.
I believe the Deputy is right. I have seen the English version where it appeared in English in the Irish version. An example is B & I.
Amendments Nos. 1 and 2 are related and may be discussed together.
I move amendment No. 1:
In page 3, subsection (2), to insert "(including money in a currency other than the currency of the State)" after "money" in both line 33 and line 45.
This amendment is proposed so that the Ministerial guarantee may cover moneys in a currency other than the currency of the State. This amendment was requested by the solicitors acting on behalf of the European Coal and Steel Community from whom Irish Steel will be obtaining loans. The parliamentary draftsman has proposed this wording which is in accordance with similar wording for other State-sponsored bodies where their borrowings are being provided for in money other than the currency of the State.
I move amendment No. 2:
In page 3, between lines 51 and 52, to insert the following new subsection:
"(3) Section 9 of the Principal Act is hereby amended by the addition of the following subsections:
‘(11) For the purposes of calculating the amount of moneys guaranteed by the Minister under this section by reference to the limit on principal in subsection (3) of this section, the equivalent in the currency of the State of moneys in a currency other than the currency of the State shall be calculated at the exchange rate prevailing at the time of the giving of the guarantee.
(12) In relation to guarantees given under this section by the Minister in money in a currency other than the currency of the State—
(i) the reference to a loan, each of the references to instalments and each of the references to amounts in subsection (1) of this section shall be taken as referring to the equivalent in currency of the State of the actual principal, the actual instalments and the actual amounts, respectively, such equivalent being calculated according to the cost in currency of the State of the actual principal, the actual instalments or the actual amounts as may be appropriate,
(ii) the reference to a loan, each of the references to principal, each of the references to instalments, each of the references to amounts and the reference to commissions and incidental expenses in subsection (2) of this section shall be taken as referring to the equivalent in currency of the State of the actual loan, the actual principal, the actual instalments, the actual amounts and the actual commissions and incidental expenses, such equivalent being calculated according to the rate of exchange for the time being for the currency concerned and the currency of the State,
(iii) each of the references to moneys in subsections (4) to (9) of this section shall be taken as referring to the cost in the currency of the State of the actual moneys.'.".
Does this relate to the Chief Executive rather than the Executive Chairperson?
Yes, it is not the Executive Chairperson.
Is this executive level of remuneration keyed into public sector payments generally?
For the Chief Executive it would come under Devlin.