asked the Minister for Industry and Commerce if he proposes any changes with respect to the activities of semi-State bodies and agencies regarding the existing arrangements for borrowings and liabilities, indicating their total exposure at this time, giving details in each case; if he will state clearly the total State guaranteed and unguaranteed borrowings in respect of all of such bodies or agencies; and if he will make a statement regarding the proposals, if any, he has for the restructuring or reducing of such general exposure.
Written Answers. - Semi-State Bodies and Agencies Borrowing.
44.
The Deputy will appreciate that it is not possible for me to provide the information as sought by him, as the borrowing/liability situation of any organisation changes from day to day. In addition the balance sheet of all bodies includes notes clarifying the borrowing liability situation, and without listing all such qualifications a totally distorted picture would be given. In these circumstances I would respectfully refer the Deputy to the annual accounts published by the various State bodies where detailed information is available.
In relation to the final part of the Deputy's question, he will be aware that in relation to NET the company has been totally restructured as it has now entered into a joint venture arrangement with Richardsons Fertilizers Ltd., a subsidiary of ICI.
The Deputy will note from NET's 1986 annual accounts that the company had a total borrowing commitment in excess of £170 million. In order that NET will be in a position to service these borrowings and meet other financial commitments during the transitional period of the joint venture it was necessary for me to introduce legislation providing for an increase on the ministerial borrowing guarantee limit from £150 million to £180 million. This matter was fully debated in the House on 11 November, 1987 in the context of the passage of the final stages of the Bill through the Dáil. Of course the question of restructuring the borrowing situation of all bodies is in the first instance a matter for their respective boards. However, both my Department and myself are closely monitoring the borrowing situation of these bodies with a view to ensuring that the level of borrowing is kept at a minimum.