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.
Written Answers. - Nítrigin Éireann Teoranta.
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.