asked the Minister for Finance if it is proposed to permit private individuals to purchase shares or become joint stock holders in any way in semi-State bodies.
Ceisteanna—Questions. Oral Answers. - State-Sponsored Body Shares.
98.
While I have no immediate proposals in this regard, I consider it desirable in principle that the public be given the opportunity of purchasing shares in our State-sponsored bodies. The sale to the public of shares in State-sponsored concerns should not only encourage more private investment in this country, through widening the field of investment, but would also free State capital for other desirable purposes. An inhibiting factor, however is that many State-sponsored concerns operate primarily in the public interest in activities which tend not to produce sufficiently attractive profit records. A further consideration is, of course, that safeguards would normally be essential to ensure that any organisation concerned continued to be operated in the public interest, particularly where a monopoly situation existed.
Would the Minister consider, as a step towards industrial democracy, allowing workers in these organisations and bodies to partake by way of a bonus scheme in the shares?
All aspects of workers participation in semi-State bodies, including the ones to which the Deputy referred, will receive the Government's early attention and, as I have stated in my principal reply, the desirability of extending ownership of shares in State-sponsored bodies will be one of the factors which will be deserving of consideration.
When will the Government make such a decision?
I have already indicated in the course of my reply that the Government are sympathetic to the idea but it requires two parties to implement a policy of this kind; not only the Government's wishes in the matter or, indeed, the disposition of the boards of any concerned company, but also the workers in such companies who would have to elect as to whether or not they wished to take shares. This is a matter for negotiation with the workers concerned and for consideration also in relation to the total money market.