asked the Minister for Finance whether in view of the heavy loss of funds which were invested by the State and private persons in the Industrial Trust Company of Ireland, the serious loss of public confidence occasioned by the failure of the company and the nature of the liquidator's report, he is prepared to set up a Select Committee to inquire into and report on the management of the affairs of the company.
Ceisteanna—Questions. Oral Answers. - Management of Industrial Trust Company.
The setting up of a Select Committee is a matter for the Dáil and not for me. But I may say that, while such a committee would be an appropriate body to conduct an inquiry if there were allegations of malfeasance or misfeasance on the part of any member of the Government in connection with the Industrial Trust Company of Ireland, Limited, it would not, in my opinion, be an appropriate body to conduct an investigation into the affairs of the company if the object were to suggest amendments in the law relating to joint stock companies. If, however, the object were to investigate the management of the company, the facts of management were fully set out in the report of the liquidator, and in my opinion it is unlikely that any further facts of importance would be elicited.
Arising out of the Minister's reply, does he not consider, in view of the nature of the liquidator's report and the serious loss of public confidence, together with the fact that a very substantial sum of State money has been lost in this ill-starred enterprise, that it is desirable to have some inquiry into the management of the affairs of this company, especially since the Government were represented on the board of management by two directors?
I have nothing to add to the reply already given.
Arising out of the Minister's reply, in addition to the matters referred to by Deputy Norton as suitable for investigation by the body suggested by him, is the Minister of opinion that it would not be well to add to that category Alesbury and Company, of Edenderry?
That is a separate question.
That is another obsession of the Deputy.