asked the Minister for Industry and Commerce the up-to-date position regarding the NEA; and if he is satisfied it is fulfilling its role in the area of job creation and development of enterprise and small industry.
19.
Written Answers. - National Development Corporation.
13.
asked the Minister for Industry and Commerce the up-to-date position with regard to the National Development Corporation; its funding; its date of commencement; and his views on the National Development Corporation at this point.
Limerick East): I propose to take Questions Nos. 13 and 19 together.
The National Development Corporation was registered as a limited company under the Companies Acts on the 28 May 1986 and arrangements are being made to enable it to formally take over from the NEA on the 11 June 1986, the date which I propose to appoint as vesting day. In accordance with the National Development Corporation Act, the NEA will be dissolved on that date.
Over the past two and a half years the NEA has performed a valuable role as the State investment company in the creation of jobs and the development of enterprises in aquaculture, new technology, strategic research and health services. The NDC will build on the foundation laid by the NEA, having regard to the provisions of the National Development Corporation Act.
As provided in the Act, the National Development Corporation Limited has an authorised share capital of £300 million and this will be made available as appropriate having regard to their planned investment requirements and the public capital programme. The Estimates for 1986 make a provision of £7.5 million for capital purposes for the NDC. In addition a grant-in-aid of £644,000 has been provided in my Department's Estimates for 1986 for administration expenses of the NDC.