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Seanad Éireann debate -
Tuesday, 31 Jul 1962

Vol. 55 No. 13

State Guarantees (Transport) Bill, 1962 —Committee and Final Stages.

Section 1 agreed to.
Question proposed: "That Section 2 stand part of the Bill."

The Minister mentioned that the guarantee was for a hire-purchase arrangement with a foreign bank and that this apparently was very advantageous. Less than two years ago, we passed a Bill here to make us members of the World Bank and at that stage we felt that for foreign borrowing, a world bank had great advantages for us. I should like the Minister's comment as to whether the World Bank could have been used in this situation?

As far as I know, this transaction was effected by the American Import-Export Bank authority and I do not think the World Bank would have been interested in a proposition of this kind. I have no knowledge of it. We were glad to accept the proposition as made to us by CIE in regard to this transaction and there was no point in finding out whether some other banking institution would have served us equally well because the General Motors corporation and, indeed, American exporters in general, in the ordinary way, work through this bank.

In such a transaction where the interest is paid outside the country, we get no benefit from it such as income tax paid on investments at home. I wonder if that entered into it?

I think I have answered that already.

Question put and agreed to.
Sections 3 to 5, inclusive, agreed to.
Question proposed: "That Section 6 stand part of the Bill."

The Minister made a very important statement here that the Taoiseach has agreed to accept any resolution dealing with the general acts of semi-State bodies for discussion in the Dáil. Does that apply equally to the Seanad?

I shall have to look up the reference. I could not say what the exact terms of it were.

If it does, I think it would be well worthwhile. Many of us would be anxious to discuss those bodies so far as making a general appraisal of their exact nature is concerned, and also to ensure that the proper balance is maintained between public and private enterprise and that different standards of accountancy are not adopted to make public enterprise appear to be more efficient than private enterprise.

Question put and agreed to.
Sections 7 and 8 agreed to.
Title agreed to.
Bill reported without recommendation, received for final consideration and ordered to be returned to the Dáil.