asked the Minister for Industry and Commerce if he will outline the progress made by the National Development Corporation since it was established; the number of projects the NDC has invested in; the total sum invested; the number of additional jobs created from this investment; and if he will make a statement on the matter.
Ceisteanna — Questions Oral Answers. - National Development Corporation.
9.
Details of the progress and investment activities of the National Development Corporation Ltd. are provided in their annual reports. The 1986 report, which covered post balance sheet activities up to 14 May 1987 was laid before each House of the Oireachtas on 1 September 1987. I expect to receive the corporation's report for 1987 shortly and, as required by section 30 of the National Development Corporation Act, 1986, copies of that report will subsequently be laid before each House.
Are we not entitled to a reply to the simple question I put to the Minister in regard to the progress being made — the total sum invested, the number of projects invested in and the number of additional jobs created by the investment? The Minister referred to annual reports and said that a further one is due but we are asking simple questions which the Minister should be in a position to answer. Is the Minister aware of the ESRI report which pointed out that borrowing for productive investment is still justified? Does the Minister accept the statement of Dr. Owen O'Malley in that report?
I will take the last point first. Borrowing for productive purposes is always an attractive proposition. Unfortunately, very often the definition of "productive" is not agreed to by people; some people feel it is productive if you get an X rate of return; others feel it is productive if you get X jobs while others feel it is productive if you get X exports. The principle, as put forward by the Deputy, is that it is attractive to borrow for productive purposes. The difficulty arises in the definition of "productive" because it can and is increasingly becoming a very subjective phrase. I want to help the Deputy in regard to as many specifics as I can though I have some difficulty in this regard. Approved investments between June 1986 and May 1987 came to £6.2 million. Investments in that period totalled £5.7 million. The total number of employees in companies in which these investments were made is 750. At 14 May 1987, 29 companies were invested in. I can also inform the Deputy that there is a figure of £6 million in the 1988 Estimates of which £1.5 million has now been drawn down.
In view of the 750 jobs that have been created may I ask the Minister of State if he is still in agreement with the statement made by the Leader of his party, Deputy Haughey, when he said that this body should be abolished? Would he agree that perhaps, that was another example of a rather incautious statement by the Leader of his party which, gladly, he is now in a position to repent? Further, would the Minister of State indicate if the corporation have made any significant investments in regard to tourism or long term production contracts in the agricultural sector?
Would he further indicate if he would be prepared to ask the corporation that in future annual reports they give a breakdown of their investments by the listed functions that the corporation have been given individually in the Act rather than globally, so that one can see how they are implementing the individual parts of their statutory mandate?
There are three parts to the Deputy's question. The requirements of the Act are being met by way of the annual reports and the setting up of the corporation. I take it that the reports are fully in accordance with the Act. I shall bring to the attention of the NDC the Deputy's suggestion that there be more information given with regard to breakdown. I shall personally examine whether that is possible under the Act as it stands.
It is.
I had better examine it. With regard to tourism long term contracts, I am precluded from going into detail on current matters because the report of the National Development Corporation will shortly be due and it is their function under the Act to give that information, which I cannot now give.
The Minister of State is not going to eat the Taoiseach's words for him in the interests of the food Minister?
The Minister indicated that £1.5 million out of this year's Estimate was already committed. How many applications has he on his desk at the moment for the current year? Does the value of those applications exceed the Estimate of £6 million? Does he expect that all that was provided will be spent this year?
What does the Deputy mean by applications on my desk?
Is the Minister aware of the amount involved in the number of applications that have been received by the National Development Corporation?
That is entirely a matter for that corporation.