asked the Minister for Communications if he will confirm that the Exchequer has paid out £77 million since the date of the liquidation of Irish Shipping Limited, if he will give a breakdown of this figure; and if he will estimate the additional funds which will be paid out by the Exchequer in order to complete the Government's commitments in this regard.
Written Answers. - Irish Shipping Limited.
13.
The cost incurred to date by the Exchequer arising from the liquidation of Irish Shipping Limited is £40.4 million approximately of which £11.5 million is in respect of Irish Shipping's share of the Irish Spruce lease costs, £3 million is in respect of care, maintenance and other costs in relation to the Irish Spruce and the balance of £25.9 million represents payments made to date arising from guarantees by the Minister for Finance in respect of Irish Shipping's borrowings. Further payments to be made in respect of the guaranteed borrowings will bring the estimated total cost of the liquidation to a sum of the order of £51 million.
When Irish Shipping was liquidated the estimated cost of keeping it going was £200 million. However, the latest estimate based on worsening world shipping rates for keeping Irish Shipping Ltd. going is £223 million. Consequently, the liquidation of Irish Shipping has saved the taxpayer about £170 million.