Dáil Éireann díospóireacht -
Thursday, 3 Nov 1960

Vol. 184 No. 4

Committee on Finance. - Irish Steel Holdings Limited Bill, 1960—Money Resolution.

Minister for Industry and Commerce (Mr. J. Lynch)

I move:—

That for the purpose of any Act of the present session to authorise the Minister for Finance to take up shares of Irish Steel Holdings Limited, to provide for the increase of the share capital of the Company and for the guaranteeing of borrowings by the Company and to provide for other matters connected with the matters aforesaid, it is expedient to authorise:—

(1) the advance out of the Central Fund or the growing produce thereof of—

(a) all moneys from time to time required by the Minister for Finance to meet payments required to be made by him in respect of any shares of Irish Steel Holdings Limited taken up or otherwise acquired by him under such Act, and

(b) moneys required to be paid by the Minister for Industry and Commerce under a guarantee given by him under such Act in respect of a loan to the Company;

(2) the repayment to the Central Fund out of moneys provided by the Oireachtas of moneys advanced out of that Fund or the growing produce thereof to meet payments under a guarantee given by the Minister for Industry and Commerce under such Act which have not been repaid to the Minister in accordance with such Act;

(3) the charge on and payment out of the Central Fund, or the growing produce thereof of—

(a) the principal of and interest on any securities issued by the Minister for Finance for the purpose of borrowing under such Act, and

(b) the expenses incurred in connection with the issue of such securities;

(4) the payment out of moneys provided by the Oireachtas of the expenses incurred by the Minister for Industry and Commerce in the administration of such Act.

Mr. Cosgrave

May I ask at this stage can the Minister say if the proposed scheme of development has started yet and if not, can he say when it is proposed to start it? If it has started, how much work has been completed?

Mr. J. Lynch

The scheme has started and the Deputy will remember the Dáil has already voted, by way of a Supplementary Vote, £1½ millions towards the work in hand. Of that sum, as near as makes no difference of £1,000,000—some £990,000—has already been spent and the work is proceeding apace.

Mr. Cosgrave

Is that work being carried out by Irish firms or have tenders been accepted from outside the country?

Mr. J. Lynch

I understand that the consultants are a well-known British firm. The work comprises different aspects and a number of contracts have been placed. I really cannot say to what extent the contracts have been placed as between English and Irish interests, but I certainly do know that there are Irish firms engaged in a big way in the contracts which have been placed.

Question put and agreed to.

Resolution reported and agreed to.