asked the Minister for Finance why the several investments specified in the reply to Question No. 10 on the 23rd October, 1968, were made by Taiscí Stáit Teoranta and not by the Industrial Credit Company Limited.
Ceisteanna—Questions. Oral Answers. - Taiscí Stáit Investments.
25.
One of the primary functions of Taiscí Stáit Teoranta is to give loans on preferential terms in part substitution for industrial grants where the maximum grant which could be authorised is large and is considered excessive having regard to the level of employment given by any particular project. The investments mentioned in reply to Question No. 10 on the 23rd October represent loans which for the most part are interest free for a number of years and are repayable only at the option of the borrowers. As was explained to the Dáil when the legislation governing the establishment of Taiscí Stáit Teoranta was being debated in 1963, loans of this type have been regarded as not being strictly in accordance with the functions of the Industrial Credit Company.
Do I understand the Taoiseach to mean that these are investigations that are not claimed to be made on a commercial basis?
They are not made on a commercial basis, such as that on which the Industrial Credit Company operates.
They are not claimed to be made on a commercial basis?
They are a substitution for part of grants where certain industries are desirable and where the grants are excessive in relation to the number employed in these industries.
Are they made in this way because the Government considered it in the national interest to do so, rather than on a commercial basis?
Yes.
The Government's responsibility.
The Government accept responsibility.