Could the Minister of State inform the Seanad the amount of money that has been put into the B & I by the Government and if there is anybody else with money in the company? What is the position with regard to shares?
British & Irish Steam Packet Company Limited (Acquisition) (Amendment) Bill, 1982 [Certified Money Bill]: Committee and Final Stages.
Section 1 agreed to.
SECTION 2.
Question proposed: "That section 2 stand part of the Bill".
On acquisition by the Government in 1965 the B & I company had an authorised share capital of two million shares of £1 each of which 1,600,000 shares had already been issued. Section 2 of the British & Irish Steam Packet Company Limited (Acquisition) (Amendment) Act, 1971 and amendments thereto of 1976 and 1979 gave the Minister for Finance power to purchase not more than 33 million additional shares of £1 each in the company, making the present total authorised share capital 35 million shares of £1 each. All the shares have been taken up by the Minister for Finance, and capital injected into the company has been used in the following manner. I will give the details here. Amount subscribed by the Minister for Finance, £1.6 million in 1965 subscribed in total on takeover of company in 1965; £3 million in 1971 and 1972 used totally for development of Dublin and Liverpool terminals, containers, equipment etc.; £15 million in 1975 to 1979, £10 million for the car ferry Connacht, £5 million working capital; £15.4 million 1979 to 1981, £10 million for the car ferry Leinster and £5,400,000 for working capital. That is a total of £35 million.
Are we allowed to give out moneys for working capital on share dividends? In other words, are we allowed to buy shares or give out money for working capital and take shares for it?
It is quite in order for the Government to provide the funds in this manner. There is nothing wrong in relation to this.
I do not wish to be awkward, but the Minister did not reply to the question as to whether he feels that the managemenat of B & I are in fact capable of looking after their affairs.
We have outlined in detail the background situation to the raising of these funds. I in no way wish to cast any aspersion on the management or board of management of the B & I company. I believe they are doing their best in difficult circumstances, I have confidence that they will rectify the situation in the shortest possible time.
Question put and agreed to.
Section 3 agreed to.
Title agreed to.
Bill reported without recommendation, received for final consideration and ordered to be returned to the Dáil.