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Dáil Éireann díospóireacht -
Wednesday, 1 Mar 1961

Vol. 186 No. 7

Ceisteanna—Questions. Oral Answers. - Atlantic Fish Company, Killybegs.

55.

asked the Minister for lands (1) the amount of loans given to the Atlantic Fish Company, Killybegs, (2) the amount given in grants, (3) the total amount lost by the State in this venture and (4) the reason or reasons that this concern closed down.

The replies are as follows:

(1)Loans totalling £38,850 were made to Atlantic Fish Industries Limited by An Bord Iascaigh Mhara towards the cost of purchase by the company of two fishing vessels.

(2)A grant of £59,000 was made to the company by An Foras Tionscal in respect of factory premises and plant and a grant of £4,350 was made by An Bord Iascaigh Mhara in respect of one of the fishing vessels.

(3)There has been no loss to the State. The factory will continue to be available for the purpose for which it was provided and repayment of the loan and grant in respect of the fishing vessels is secured by a first mortgage on the vessels and personal guarantees of four of the directors of the company.

(4)I understand that the company experienced difficulty in securing adequate supplies of fish at economic prices for fish meal production and that the position was aggravated by a considerable drop in the price of fish meal on the world market.

Would the Minister say that this factory was built at the wrong fishing port, when they were not able to get the fish?

I want the Deputy to understand that it was a private company erected the factory. The question of location was entirely a matter for them, as it would be in the case of every other private concern.

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