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Dáil Éireann debate -
Tuesday, 24 May 1983

Vol. 342 No. 10

Written Answers. - Irish Life Assurance Company Limited.

687.

asked the Minister for Finance if he is aware of the fact that Irish Life Assurance Co. Ltd. disposed of a subsidiary company (details supplied); if he is satisfied that the company complied with S.I. No. 306 of 1980; if he will make a statement on the Government's policy in regard to the disposal by State companies of subsidiary companies; and if he is satisfied as to the future of the company.

688.

asked the Minister for Finance if he was advised in advance by the Irish Life Assurance Co. Ltd. of its decision to sell a subsidiary company to its managing director (details supplied); if he is satisfied that Irish Life complied with the requirements of Clause 7 of S.I. No. 306 of 1980 concerning the safeguarding of employees' rights on the transfer of undertakings; and if he will make a statement on the matter.

I was aware of the decision by the Irish Life Assurance Company Limited to dispose of their shareholding in the subsidiary company in question. I understand that the transaction was on a going concern basis and that the company announced that they planned to trade as before and that the change would not affect the present management and staff. There is no objection in principle to the disposal by a State company of a subsidiary concern.

The issue of compliance in this instance with the provisions of S.I. No. 306 of 1980 concerning the safeguarding of employees' rights on the transfer of undertakings is a matter for the Minister for Labour to whom I understand a separate question has been addresed.

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