asked the Minister for Finance if, in relation to the Dundalk Engineering Works, he will state (1) whether it is correct that £1,133,854 of public money supplied through the Industrial Credit Companies Limited to the Dundalk Companies had been lost prior to the 31st December 1960; (2) the accumulated losses by such companies to 31st December 1961; (3) the number of persons employed on 31st December 1960 and 31st December 1961 respectively; (4) what proportion of the losses arose during or because of contracts made in the period when the previous management was in control; (5) the date on which that management ceased to be associated with these companies; and (6) whether the new management considers that any of these companies will be viable in the future; and, if so, which, and what number of persons will be employed by each.
Ceisteanna—Questions. Oral Answers. - Dundalk Engineering Works.
(1) The figure mentioned by the Deputy represents the total of the adverse balances on the Profit and Loss Accounts of the Industrial Engineering Company Limited and its six subsidiary and associated companies at 31st December, 1960. It is not correct to take that figure as necessarily representing a capital loss of public money through the Industrial Credit Company's investment.
(2) The information is not yet available. The next audited accounts will be for the period ending 30th April, 1962.
(3) The total number of persons employed in the Dundalk group of companies was 583 at 31st December, 1960, and 800 on 31st December, 1961.
(4) It is not possible to give the information requested in this part of the question.
(5) If by "previous management" the Deputy means the former Chairman of Industrial Engineering Co. Ltd., I understand that he ceased to be associated with the Dundalk Companies in June, 1960.
(6) I understand that the position of the individual companies in the Dundalk group has for some time been under examination but I cannot anticipate what the result of this examination is likely to be.
Could the Minister say when the examination is likely to be concluded?
I could not give that information at the moment.
Would the Minister say whether "management" means one person or a number of persons?
It refers to the manager, actually, in this case.
Is that one person or a number?
It is one person but I did not like to use the name in the question.
Is it the Chairman?
Yes.