asked the Minister for Communications the extent of worker investment in the B & I Steam Packet Company Ltd. to date.
Ceisteanna — Questions. Oral Answers. - Worker Investment in B & I.
1.
Apart from the nominal shares held by directors of the company, all shares in the B & I are held by the Minister for Finance.
I have been informed by the B & I that under an arrangement entered into in 1979, more than 80 per cent of the company's employees have an interest totalling approximately 4 per cent of its capital value, in the M.V. Tipperary. The amount invested by the employees amounted to approximately £400,000 on which interest is being paid by the company over a ten year period to 1989. At the end of the period the capital sum will be repaid in full by the B & I.
In view of the fact that the employees of the B & I have shown their loyalty and solidarity in relation to the company, by way of the investment in the company of £400,000, would the Minister say whether he is satisified that the suspension of the B & I operation in the southern corridor has let those workers down?
That a separate question. However, as the Deputy will be aware, we are engaged in an exercise to try to save the B & I and to protect the maximum number of jobs. Any steps that might be taken would be with those objectives in view but in order to bring about the desired result some services may have to be discontinued and there will be some job losses. Nobody can be more unhappy than I about the possibility of job losses but in this case such losses would seem to be unavoidable.
Would the fact that the workers have indicated their solidarity and their confidence in respect of the company not be an extra spur to the Minister to ascertain whether developments elsewhere if necessary should be promoted so that the possible potentially redundant work force could be maintained in employment?
It would be wrong of me to raise unjustified expectations such as those implied by the question. However, I am a firm advocate of worker participation and of worker shareholdings. There has not been much development on those lines so far in this country but the idea is one that is well worth pursuing. Many of the semi-State companies could benefit greatly by the sale of shares to the workforce. There are some who might object to that on the basis that we would be alienating State property, for instance, but that would not be my view. We need more of that kind of development in Irish companies in general and not only in the semi-State sector.