asked the Minister for the Marine if, in view of the serious problems created for Irish exporters by the recent British seamen's dispute, he intends to take any urgent measures to assist in the development of a larger Irish shipping fleet; if, in particular, any consideration has been given to the re-establishment of a State shipping company; and if he will make a statement on the matter.
Written Answers. - Irish Shipping Fleet Establishment.
22.
I would refer the Deputy to the reply of 2 February last in which I outlined the comprehensive package of incentives introduced by this Government during 1987.
These measures include a grants scheme providing up to 25 per cent of the cost of new or second hand vessels under seven years old; fiscal incentives under the 1987 Finance Act reducing the Corporation Tax Rate for shipping from 50 per cent to 10 per cent and opening the way for shipowners to avail of the investment potential of the business expansion scheme. Funding may also be sought from the National Development Corporation.
As regards direct State involvement in the provision of shipping services, such involvement already exists through the B & I line which I am pleased to note has made significant progress towards viability under this Government.
I intend, however, to announce shortly the membership of the shipping advisory committee which will consider the various options and make detailed recommendations on how best our strategic needs can be served.