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Dáil Éireann debate -
Wednesday, 18 Jan 1984

Vol. 347 No. 1

Written Answers. - Nítrigin Éireann Teoranta.

218.

asked the Minister for Industry, Trade, Commerce and Tourism if he will state in relation to Nítrigin Éireann Teoranta: (a) the total amount of repayable advances made to the company by the Exchequer in each year from 1960 to 1965; (b) the total repayable advances repaid by the company to the Exchequer up to 30 September 1983; (c) the total value of shares held by the State at 31 March 1983; (d) the accumulated losses up to 31 March 1983; (e) the steps he proposes to take to seek the approval of the Minister for Finance to write off the accumulated losses to date; and (f) the amount of the company's total medium and short term borrowing of £177 million as at 31 March 1982 from commercial banking institutions that is guaranteed by the Exchequer.

The answers to questions (a), (b), (c), (d) and (f) are set out in the following tabular statement:

(a) Repayable Advances by the Exchequer to the Company

£

1960

Nil

1961

Nil

1962

74,000

1963

2,600,000

1964

2,205,000

1965

1,121,000

Total

6,000,000

Of this £6 million, £3,500,000 was converted to share capital under the NET Act, 1970 and the balance of £2,500,000 is being repaid by way of annuity over 25 years commencing 1 January 1971.

(b) Repayable Advances Repaid to the Exchequer

From 1 January 1971 to 30 September 1983

£837,675

(c) Shares held by the State at 31 March 1983

Nominal Share Capital

£77,500,000

Issued: To Minister for Finance

77,499,988

To Directors

12

(d) Accumulated Losses to 31 March 1983

£136,288,000

(f) Borrowings guaranteed by the Minister for Industry, Trade, Commerce and Tourism as at 31 March 1982

£156,853,943 (evaluated at the rates of foreign exchange ruling at that date).

As regards question (e) this is a matter which will be considered as part of any review of NET's operations.

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