asked the Minister for Transport and Power if he will state in respect of air companies mentioned in paragraph 225 of P.R. 8703 for each year from 1946 to date (a) the amount of capital advanced from State sources, (b) the amount of interest paid on such capital, and (c) the amount of interest payable on the basis of normal rates of interest from time to time.
Written Answers. - Finances of Air Companies.
76.
The latest financial year for which information sought by the Deputy is available is 1964-65.
The amount of capital advanced from State sources to Aer Rianta in respect of the air companies in each of the financial years from 1945-46 to 1964-65 is as shown in the attached statement. The interest payable on these amounts on the basis of the Exchequer lending rates applicable for each year is also shown together with the cumulative interest at the end of each year. No interest or dividend has in fact been paid on the capital issued.
Following is the statement:
|
Capital Issued |
Amount |
Total (Net) as at 31st March |
Interest Rate |
Annual Interest Payable on (2) |
Total Interest |
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
|
£ |
£ |
£ |
£ |
||
|
1945-46 |
55,000 |
55,000 |
4¼% |
2,338 |
2,338 |
|
1946-47 |
785,987 |
840,987 |
2½% |
19,650 |
21,988 |
|
1947-48 |
1,042,002 |
1,882,989 |
2½% |
26,050 |
48,038 |
|
1948-49 |
— |
882,989 |
3¼% |
— |
22,075 |
|
1949-50 |
— |
979 |
3¼% |
— |
24 |
|
1950-51 |
— |
979 |
3¼% |
— |
24 |
|
1951-52 |
— |
979 |
3¼% |
— |
24 |
|
1952-53 |
90,000 |
90,979 |
3¼% |
2,925 |
2,949 |
|
1953-54 |
588,540 |
679,519 |
5¼% |
30,898 |
33,847 |
|
1954-55 |
31,200 |
710,719 |
4¾% |
1,482 |
35,329 |
|
1955-56 |
88,800 |
799,519 |
4½% |
3,996 |
39,325 |
|
1956-57 |
— |
799,519 |
5¼% |
— |
39,325 |
|
1957-58 |
— |
799,519 |
5¾% |
— |
39,325 |
|
1958-59 |
— |
799,519 |
6¼% |
— |
39,325 |
|
1959-60 |
2,782,011 |
3,581,530 |
5¾% |
159,966 |
199,291 |
|
1960-61 |
6,277,000 |
9,858,530 |
5½% |
345,235 |
544,526 |
|
1961-62 |
443,000 |
10,301,530 |
6¼% |
27,687 |
572,213 |
|
1962-63 |
277,000 |
10,578,530 |
6¼% |
17,312 |
589,525 |
|
1963-64 |
631,707 |
11,210,237 |
6% |
37,902 |
627,427 |
|
1964-65 |
1,622,799 |
12,833,036 |
6% |
97,368 |
724,795 |
|
£3,581,713 |
|
Accumulated interest on capital issued up to 1944/45 (£117,011) assuming interest at 4% |
93,600 |
|
TOTAL: |
£3,675,313 |
NOTE: In the net totals of capital shown above account has been taken of the proceeds of Aerlinte assets paid over to the Exchequer in the period 1949 to 1959 and later re-issued to the Companies.