asked the Minister for Energy the profit or loss of each of the energy companies in 1988; the prospects for 1989; and the expected dividends payable to the Exchequer in each year.
Ceisteanna—Questions. Oral Answers. - State Energy Companies.
4.
Bord na Móna reported a loss of £3.39 million in its accounts for the year ended 31 March 1988. The accounts of Irish National Petroleum Corporation, the Electricity Supply Board and Bord Gais Éireann for the calendar year 1988 are not yet available and will be published and laid before the Oireachtas during the year.
While I am not in a position to quantify the prospects for 1989 I expect that in accordance with the Government's financial policy, each company will aim to improve its financial position.
No dividends or other distributions were paid to the Exchequer in 1988. Neither the ESB nor Bord na Móna are required to pay dividends — as distinct from interest on loans. INPC, while now trading profitably, has accumulated losses from earlier years and any profits will, in the first instance, be retained to reduce losses brought forward. BGE has in earlier years paid substantial profits to the Exchequer, and the position in 1988 and 1989 will be reviewed in the light of its financial outturn, investment needs and obligations to repay borrowings.
Is the Minister satisfied that he does not know the outturn of three of the four State bodies under his auspices two months into the new year? Does the Minister feel that this is the way private business or indeed a properly controlled State company should be performing?
I think we would all wish to have this information available more readily. The practice has been, as far as I know in this House, to receive these reports on a statutory basis six to 12 months after the end of the accounting year. I would be anxious to expedite the matter as much as possible but this depends on the volume of work and activities involved in producing accounts of major companies just a couple of months after the completion of the accounting year. There are difficulties involved and these have been taken into account in many discussions in this House on Committee Stages of Bills where the same demands are made. It is not practical to get all of this together with the speed that the Deputy wants.
Would the Minister not agree that the information requested in this Question did not extend to the full accounts for the year, which as he has said are published within six to 12 months of the accounting year, which is too long? All that I requested is what a normal company would expect to view on a monthly basis.
The question relates to whether dividends will be paid by a number of State companies during the year.
Profit and loss.
In order to assess that, I would have to have detailed accounts and would then have to have subsequent discussions in relation to the obligations——
If the Minister reads the question he will see that the information sought referred to the profit or loss of each of the State companies and I had asked the Minister only for the expected dividends.
The time has come to deal with other Questions.