Dáil Éireann debate -
Wednesday, 11 Apr 2001

Vol. 534 No. 4

Written Answers - CRH Rights Issue.

Ned O'Keeffe

Question:

93 Mr. N. O'Keeffe asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has satisfied herself with the handling of the CRH rights issue; if her attention has been drawn to the bungling of the £1.1 billion; if she will have the matter investigated and ensure that procedures are put in place to prevent such events occurring which can lead to the undermining of the credibility of the equity market; and if she will make a statement on the matter. [11079/01]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney)

I understand that the Irish Stock Exchange requires companies to provide an effective and efficient registration service, as provided for under its listing rules. The handling of rights issues is a matter for the various parties involved. While the Companies Acts, 1963-1999, provide for pre-emption rights, it is not proposed that matters be investigated by my Department as immediate steps were put in place to remedy the situation and as no shareholder suffered loss.