asked the Minister for Communications if agreement has been reached with Telecom Éireann in relation to the demand from the Government for payment of a £180 million levy; and if he will indicate the method Telecom Éireann propose to use to make this payment.
Written Answers. - Telecom Éireann Payments.
Agreement has been reached with Telecom Éireann on payments by the company to the Exchequer. It has been agreed that the company make special payments of the following amounts and on the following dates: 1 December 1984 — £50,000,000; 1 December 1985 — £54,425,000; 1 December 1986 — £53,175,000; 1 December 1987 — £50,528,000.
The company will receive full credit for these payments according as they are made, the payments being fully allowable in the capital balance for the purpose of calculating interest chargeable. In addition after 1 December 1987 these payments will be allowable against interest payable.
Essentially, the cash receipts from revenue arising from the Exchequer debt (payable over a 15 year period) have been condensed into a four year period with full allowance being given to the company for making the early payments.