asked the Minister for Industry and Commerce if he will state the total sum realised from the sale of transatlantic type aircraft in 1948 by the then Government; whether this total sum is immediately available for expenditure, if needed; the rate of interest earned by this money since 1948; whether it has been held unspent in its entirety since the sale of the aircraft, and, if so, in what account, and, if not, how much of it has been used, and for what purpose; and the total estimated cost to Aerlinte Éireann in the coming financial year of the operation of the transatlantic air service.
Ceisteanna—Questions. Oral Answers. - Sale of Transatlantic Aircraft.
As shown in the company's published balance sheet as at 31st March, 1957, the sale by Aerlinte Éireann Teo. of aircraft in 1948 realised a capital profit of £457,005, which, when added to the company's issued capital of £1,425,005, brought the total amount of the company's resources to £1,882,010. Of this amount, £1,083,470 was advanced to the Minister for Finance and £798,540 to Aer Rianta. These advances are repayable and are free of interest.
I am unable to estimate the outgoings of Aerlinte in operating the transatlantic service in the coming financial year, but I would refer the Deputy to the indication given in reply to a question in Dáil Éireann on 12th February, 1958, as to the likely profitability of the operation.