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Dáil Éireann díospóireacht -
Thursday, 6 Feb 1969

Vol. 238 No. 4

Ceisteanna—Questions Oral Answers. - Grants to Taiscí Stáit Teo.

31.

asked the Minister for Finance the amount of money issued out of the Exchequer from the 1st April 1968 to date to Taisci Stáit Teo; and the name or names of the persons or bodies to whom the said moneys issued together with details of the terms upon which in each case the issue was made.

The total amount of money issued out of the Exchequer to Taiscí Stáit Teo. between 1st April 1968 and 31st January 1969 was £2,304,086. Of this £1,447,214 was needed to acquire from the Industrial Credit Company their debenture loan of that amount to Verolme Cork Dockyard Ltd. An equivalent amount was repaid to the Exchequer by the Industrial Credit Company in reduction of their indebtedness to the State in respect of repayable advances. The balance of the amount issued out of the Exchequer, supplemented by a small balance in the books of Taiscí Stáit, was utilised as follows—

£

Loan to Semperit (Ireland) Ltd.

429,400

,, ,, Verolme Cork Dockyard Ltd.

100,000

,, ,, Carbery Milk Products Ltd.

97,501

,, ,, Potez Aerospace Ltd.

90,000

,, ,, Herdmans (Ireland) Ltd.

25,000

,, ,, Douwe Egberts (Ireland) Ltd.

10,037

Share investment in Verolme Cork Dockyard Ltd.

100,000

Management Fee to Industrial Credit Co. Ltd.

5,000

It would be a breach of normal commercial secrecy to disclose the precise terms of the individual loans, which in general have been given in part-substitution for industrial grants. For the most part, however, the loans are interest free for a period and repayable at the option of the borrowers. Potez Aerospace Ltd. is now in voluntary liquidation and Taiscí Stáit Teoranta has submitted a claim to the liquidator in respect of the abovementioned loan.

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