Dáil Éireann Debate, Tuesday - 3 March 2015
604. Deputy Dominic Hannigan asked the Minister for Transport, Tourism and Sport the position regarding the borrowings that Drogheda Port Company currently has when the port is transferred to Louth County Council as per the national ports policy; and if he will make a statement on the matter. [8970/15]
View answer605. Deputy Dominic Hannigan asked the Minister for Transport, Tourism and Sport if the borrowings of Drogheda Port Company will be secured or unsecured; and if he will make a statement on the matter. [8971/15]
View answer606. Deputy Dominic Hannigan asked the Minister for Transport, Tourism and Sport if the borrowings of Drogheda Port Company are unsecured, if a letter of comfort in respect of the borrowings or a negative pledge in respect of the company's assets will be issued to the lenders by his Department; and if he will make a statement on the matter. [8972/15]
View answer607. Deputy Dominic Hannigan asked the Minister for Transport, Tourism and Sport if detailed planning has been done by his Department as to the borrowing expectations and ability of Drogheda Port Company, if and when it is transferred to Louth County Council; and if he will make a statement on the matter. [8973/15]
View answerI propose to take Questions Nos. 604 to 607, inclusive, together.
As the Deputy is aware National Ports Policy states that the shareholding in Drogheda Port Company will transfer to local authority control. My Department is currently finalising the Harbours (Amendment) Bill 2015 which will provide the legislative basis to allow for that transfer to take place.
Borrowings by a port company are governed by section 23 of the Harbours Act 1996. The section provides the statutory power to allow a port company borrow money, subject to the consent of its shareholders, currently the Minister for Transport, Tourism and Sport and the Minister for Public Expenditure and Reform. However, the actual moneys borrowed are particular to the port company in question and are in no way guaranteed by Government.
Any borrowings by Drogheda Port Company are therefore borrowings by that company and the company is responsible for those borrowings.
The proposed transfer of shareholding has no impact on the status of any borrowing by Drogheda Port Company. The corporate entity will continue in existence as it exists today and the Company will remain responsible for all its liabilities, including borrowings.
