asked the Minister for Communications the steps he is taking to secure for the State the profit making company, Irish Continental Lines Limited.
77.
Written Answers. - Shipping Services.
76.
asked the Minister for Communications the steps he is taking to ensure the continuation of Belfast Ferries Limited.
82.
asked the Minister for Communications if, in the light of discussions between the representatives of Hong Kong Shipping interests and the provisional liquidator, the Government will now review their decision to liquidate Irish Shipping Limited so as to keep Irish Shipping Limited operational; and whether the Government will accept the offer of renegotiation made by the head of the Hong Kong Shipping group.
I propose to take Questions Nos. 76, 77 and 82 together.
As the House is aware, the affairs of Irish Shipping Limited are now in the hands of a liquidator appointed by Order of the High Court. It is a matter for the liquidator to deal with the assets of Irish Shipping Limited to the best advantage and to settle with unsecured creditors. The company's assets includes its 75 per cent shareholding in Oceanbank Developments Limited which owns Irish Continental Line and Belfast Car Ferries. I have no direct function in the matter and it would be quite improper for me to intervene in or comment on the affairs of the company.
On 30 November 1984, officials of my Department met the liquidator at his request. He explained that the group of Hong Kong shipowners who recently visited Dublin had asked him to deliver a memorandum containing certain proposals for the financial restructuring of Irish Shipping Limited, purportedly on behalf of all the major unsecured creditors. Subsequently, I understand, the proposals in question were disowned by certain major creditors who were not members of the shipowners' group. The liquidator was informed by my Department that the Government had already made its decision in relation to Irish Shipping Limited, that the Government's position was that Exchequer support for the company over and above that agreed by the Government in February last was not forthcoming but that the Government would, of course, discharge the State's responsibilities in respect of those of the company's liabilities which are guaranteed by the Minister for Finance.