I 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.