Vol. 172 No. 4
asked the Minister for Industry and Commerce what amounts have been provided by the State directly, or indirectly through the Industrial Credit Corporation, Limited or any other State sponsored body, for the Verolme shipyard project at Cork by (1) immediate cash subscription, (2) cash subscription to be made at any time in the future, and (3) guarantee; and what percentage of the total investment to be made in the project is represented by the sum of these amounts.
17.
asked the Minister for Industry and Commerce if he will state the arrangements which have been made with Dutch interests for a shipbuilding project at Cork dockyard, and, in particular, how the capital will be provided, and the names of the directors of the company or companies concerned; and if he will make a statement on the matter.
I propose, with the permission of the Ceann Comhairle, to take Questions Nos. 16 and 17 together.
Verolme United Shipyards, an important Dutch shipbuilding concern, have taken over Cork Dockyard, Limited, Rushbrooke, which they propose to develop into a major ship-repairing and shipbuilding yard capable of handling vessels of large tonnages. The directorate of the company will be the concern of the promoters of the project.
No amounts have been provided by the State directly. The Industrial Credit Company, Limited, is the State sponsored body concerned with the financial arrangements relating to the project. It is not the practice of the Industrial Credit Company to publish details of agreements made between them and individual industrial promoters. Deputies will, however, have seen the Press reports of Mr. Verolme's statement regarding his agreement with the credit company.
While I accept that it is not the normal practice for the Industrial Credit Company to publish returns in respect of individual cases, is the Minister aware that in this case the air would be cleared very much if all the facts were published? Is the Minister further aware that there are rumours going around as to the very small amount of capital having been put up by any of these promoters and that is is desirable that these rumours should be dispelled by the facts being published, if, in fact, the position is that they have put up any finance?
I will quote from the Press reports, which I have mentioned, of statements made by Mr. Verolme after he had signed his agreement with the Industrial Credit Company. Which paper would the Deputy prefer?
I do not mind. I shall take any paper.
I shall quote from the Irish Times. Mr. Verolme said:—
"That in Holland his shipbuilding industry had been built up on his own capital. He was not coming to Ireland looking for credit. Irish credit would be used only as an ‘umbrella'."
He also said he was going to lose money over it.
Would the Minister say if the dairying industry, and similar industries, will be provided with umbrellas?
Surely that is a different matter.
Perhaps the Minister could tell us what the size of the umbrella is in case it rains?
I think it would be highly undesirable to establish the practice here of publishing details of arrangements made by the Industrial Credit Company with private concerns.
Does the Minister not think, where there is such a very large sum of State money involved, and whether it is through the Industrial Credit Company or not, it is State money, that the House ought to be informed?
The suggestion has appeared somewhere in public that the promoters propose to invest £500,000, and that £4,500,000 will be put up under Government guarantee. If these figures approximate to the truth, would it not be much better to say so and explain them to the people, rather than leave the people under the impression and with the feeling that all is not well?
There is no Government guarantee.
There is an Industrial Credit Company guarantee. It is only a fiction to say that is not correct.
Are these figures approximately correct? I think the Minister, in everybody's interest, ought to get the agreement.
This is an important development. We will not get further development if Deputies insist on the publication of intimate details of the kind referred to in agreements between the Industrial Credit Company and private concerns. That would destroy the prospect of any further development.
Nonsense! A very great number of millions of public money are being pledged and the House should be told the details of the public money being pledged. The Minister is trying to wriggle.
