I welcome this Bill, as do my party. The Bill is due credit to the excellent work being done by the Industrial Credit Corporation in the commercial, business and industrial life of the country.
In my Second Stage contribution I referred to my wish to be able to discuss the policies of the Industrial Credit Corporation in this House on a yearly basis rather than on a four-yearly basis. Deputy Horgan would agree with that policy. I have nothing only admiration for the efficiency of the Industrial Credit Corporation, and there is no question of casting any doubts on their good standing. I mentioned the fact that I would like to have a debate in the House on a fairly regular basis on the affairs and policies of the Industrial Credit Corporation for a number of reasons. The primary reason is that the corporation seem to be getting very active on the foreign money market to find future funds. They will then be open to exchange rate losses. We should be in a position to comment on their performance in the foreign money market.
In relation to the two subsidiary companies—Mergers Limited and Shipping Finance Corporation Limited—there is a need to discuss them on an on-going basis. They are dealing in a technically difficult field where the question of monopolies may come under consideration—this would affect Mergers Limited—and the policy in relation to subsidisation of shipbuilding—this would affect Shipping Finance Corporation Limited. This is another area I would like to see under review. For those reasons I would prefer a debate every second year in the House rather than allowing a situation where we would not be able to discuss a policy adopted by the ICC for five years.
I wish the corporation every success in their future involvement in commerce and in industry. They did very good work down the years. They met the challenge of modern industry and technological change. They have done a wonderful job. There may be a need for them to be a full bank but perhaps we may have a discussion on this on another occasion.
