asked the Minister for Industry and Commerce if he is aware of the grave disquiet occasioned by recent mergers and takeovers sponsored by foreign-based firms; and if he will introduce legislation to ensure that the interests of Irish companies and Irish workers will be safeguarded so that the employment expectations and living standards of Irish people will not be jeopardised by the activities of foreign-based investors.
Ceisteanna—Questions. Oral Answers. - Mergers and Takeovers.
68.
I am not aware that grave disquiet has been caused as suggested by the Deputy. There is no evidence to suggest that mergers and takeovers sponsored by foreign-based firms jeopardise the employment expectations and living standards of the Irish people. On the contrary, foreign investment has been amongst the factors helping to expand employment and raise living standards. This is far from saying, of course, that all foreign takeovers are automatically welcome and I have already announced that I have in preparation proposed legislation designed to subject takeovers and mergers generally to critical examination and control.
Has the Minister any details of the redundancies resulting from mergers?
I have not.
This is where the dissatisfaction arises.
The question was pretty comprehensive and the point the Deputy has raised did not come into it; I have no details of the kind the Deputy is looking for.
Mergers are mentioned in the question.
The Deputy's supplementary related to the number of people who had become redundant as a result of mergers and I said the question was pretty comprehensive and that information was not asked for in it.
What does the Minister think causes dissatisfaction?
I said I was not aware of grave disquiet. Obviously some Deputies do not bother to listen to the replies to questions. I spelled it out quite clearly. There is no reason why I should not be understood. I do not hide behind sound and fury.
I am asking the Minister for information about something that is causing grave disquiet.
Question No. 69.
The Leas-Cheann Comhairle has asked me to reply to the next question.
The Chair has already allowed several supplementary questions.
There was only one supplementary. On a point of order. May I ask the Minister was the grave disquiet as a result of mergers not included in the question? Is he aware of the fact that there are over 3,000 redundancies this year?
I will answer the question if the Chair allows me.
If the Minister wishes to answer, yes.
The Deputy in his original supplementary question asked me if I was in a position to give the number of redundancies as a result of mergers. I said the question from Deputy Thornley had been pretty comprehensive and that particular question had not been asked in it. Now the Deputy accuses me of not replying on the matter of grave disquiet. In fact, I did reply; I said I was not aware grave disquiet was caused. The Deputy has now supplied me with a figure of 4,000.
I never said 4,000-3,000. I got that information from the Minister for Labour today and if the Minister for Industry and Commerce had been here he would have heard it.
I was not here when the Minister for Labour was replying to the question.
The Minister was not here, but he should have been in the House.
A number of other people should have been in the House.
Yes, including the Taoiseach.
Obviously the Deputy has already got the information.
May I ask the Minister——
The Chair has permitted several supplementaries.
The disquiet is caused by the mergers and the disquiet caused can only result from the redundancies because of the mergers and this is the point at issue in the question.
It is not the point at issue.
It is the disquiet over the mergers.
As I said, I am not aware of grave disquiet. I have legislative proposals in course of preparation at the moment in connection with mergers and takeovers.