asked the Minister for Industry and Commerce if he will state (a) the date of the contract entered into between Irish Shipping, Limited, and the Insurance Corporation of Ireland whereby the former acquired share capital in the latter; (b) the interests disposed of by Irish Shipping, Limited, and the amount of capital acquired therefore, and (c) what representation Irish Shipping, Limited, has on the board of directors of the Insurance Corporation of Ireland.
Ceisteanna—Questions. Oral Answers. - Shipping and Insurance Companies' Contract.
As from 1st January, 1946, Irish Shipping, Limited, transferred its marine and aviation insurance business to the Insurance Corporation of Ireland, acquiring a controlling interest in that company by the purchase of 175,000 shares at £1 each at par. There is no director of Irish Shipping, Limited, on the board of the insurance corporation. Irish Shipping, Limited, has no right to representation on the board of the insurance corporation other than the power which may be exercisable through the holding of shares of the corporation.