asked the Minister for Finance why, in respect of £14.702 million employed in Comhlucht Siúicre Éireann, including Erin Foods Ltd., only £.363 million was paid by way of interest in the last financial year.
Ceisteanna—Questions. Oral Answers. - Comhlucht Siúicre Éireann.
29.
The capital of £14.702 million employed by Comhlucht Siúicre Éireann Teoranta consisted of various forms of finance, the principal being ordinary shares, 6% cumulative preference shares, 4% guaranteed debenture stock, bank overdraft and acceptance credits, an advance of £1 million from the Exchequer and the retained profits of earlier years and other company reserves.
The interest of £0.363 million paid during the year 1965-66 covered interest on the bank overdraft and acceptance credits and on the debenture stock, the annual dividend on the preference shares and a 2½% dividend on the ordinary shares. Interest was not paid on the £1 million advance from the Exchequer. This advance was made towards the financing of the food processing project still in the development stage and it was decided to defer the determination of the terms of issue until the overall requirements of the food project, and the manner of financing the project, were settled in connection with further legislation relating to the financing of the project. The preparation of this legislation is still under consideration.
Has the Minister fixed the terms of interest of this one?
Yes.
Can you put them on the balance sheet?
No, I cannot, for the simple reason I have indicated.
Have you fixed the rate of interest?
Yes.
Have you put it on the balance sheet?
Not necessarily. I hope it does you some good.