asked the Minister for Finance the dates on which moneys have been allocated to the ACC by way of capital; the plans he has to further capitalise the company; and if he will make a statement on the ACC.
22.
Ceisteanna—Questions. Oral Answers. - Agricultural Credit Corporation.
12.
asked the Minister for Finance whether he has advanced capital to the ACC under the recent Act authorising increases in capital; the date on which any such advances were made this year; the amount of such advances; and if he will make a statement on the future capital needs of the ACC.
I propose to take Questions Nos. 12 and 22 together and to circulate in the Official Report a tabular statement showing the amount of share capital subscribed by the Minister for Finance to the ACC and the dates of those subscriptions.
The last mentioned capital subscriptions, i.e. a sum of £5,448,000 subscribed on 31 May 1988, took place under section 4 of the Agricultural Credit Act, 1988.
The question of providing further share capital for the ACC does not arise at the present time.
While the share capital subscribed on 31 May 1988 has not restored ACC's balance sheet fully to the position obtaining prior to the incurring of losses of almost £15 million in 1987, I do not, at the present time, foresee any further capital subscription being necessary, bearing in mind in particular the expectation that ACC will return to profitability in 1988.
Table
|
Amount of capital subscribed by Minister for Finance |
|
|
£ |
|
|
1927 |
|
|
30 September |
146,000 |
|
Year ended 31 October 1929 date not available |
125,000* |
|
Year ended 31 October 1930 date not available |
125,000* |
|
1961 |
|
|
1 September |
100,000 |
|
8 September |
50,000 |
|
22 September |
50,000 |
|
1962 |
|
|
5 January |
100,000 |
|
2 February |
100,000 |
|
2 March |
200,000 |
|
6 April |
40,000 |
|
4 May |
50,000 |
|
1964 |
|
|
12 February |
100,000 |
|
4 March |
110,000 |
|
25 March |
150,000 |
|
10 April |
140,000 |
|
3 June |
100,000 |
|
26 June |
100,000 |
|
23 July |
100,000 |
|
3 December |
210,000 |
|
1965 |
|
|
20 July |
200,000 |
|
28 July |
200,000 |
|
12 August |
200,000 |
|
16 August |
100,000 |
|
25 August |
100,000 |
|
31 August |
260,000 |
|
13 September |
200,000 |
|
27 September |
50,000 |
|
21 October |
138,000 |
|
1966 |
|
|
30 December |
400,000 |
|
1967 |
|
|
13 January |
200,000 |
|
1 September |
900,000 |
|
1968 |
|
|
19 January |
100,000 |
|
16 February |
100,000 |
|
22 February |
100,000 |
|
1 March |
200,000 |
|
20 March |
50,000 |
|
9 April |
50,000 |
|
19 April |
50,000 |
|
29 May |
100,000 |
|
13 June |
100,000 |
|
2 August |
50,000 |
|
19 August |
75,000 |
|
27 August |
50,000 |
|
2 September |
27,000 |
|
1969 |
|
|
23 June |
100,000 |
|
1 August |
100,000 |
|
19 August |
100,000 |
|
1 September |
300,000 |
|
16 September |
100,000 |
|
1 October |
48,000 |
|
1976 |
|
|
1 November |
3,252,000 |
|
1985 |
|
|
20 December |
10,000,000 |
|
1988 |
|
|
31 May |
5,448,000 |
* Full records for these two years are not readily available: consequently it is estimated that £96,000 of the £250,000 capital subscribed in that period came from non-Exchequer sources. These subscriptions were repaid in 1948.