Dáil Éireann debate -
Tuesday, 23 May 1995

Vol. 453 No. 3

Written Answers. - Ireland Peace Bonds.

Bertie Ahern

Question:

48 Mr. B. Ahern asked the Tánaiste and Minister for Foreign Affairs if the Government will endorse in principle the proposal for Ireland Peace Bonds and an Ireland Development Bank put forward by New York City Comptroller, Alan Hevesi. [8230/95]

Tánaiste and Minister for Foreign Affairs (Mr. Spring)

The Government has noted with interest the proposal of Mr. Alan Hevesi, Comptroller of the City of New York, to establish Ireland Peace Bonds and an Ireland Development Bank.

The purpose of the bank envisaged by Mr. Hevesi would be to supply capital, either in the form of low interest loans or as equity, to small and medium enterprises in both parts of Ireland, with special emphasis in this jurisdiction on the six Border counties. The proposal envisages that the bank would have four major constituent members — the Irish and British Governments, the European Commission and the United States Government. The constituent members would be represented on the board of directors. Capital resources would be obtained by the sale of peace bonds in the United States and on international markets to institutions and individuals.

The proposal outlined by Mr. Hevesi is being examined by the Government. Once this examination process has been completed, we look forward to entering into more detailed discussion with Mr. Hevesi about it.