asked the Minister for Tourism and Transport the specifications which were given to Swansea-Cork Ferries concerning the spending of the £400,000 grant this company received in 1988 from the Government; and if it was used to purchase extra shares by the company's Cork involvement.
Written Answers. - Ferries Company Grant.
27.
As I indicated to the Deputy in response to a question on 2 March 1988, the purpose of the Exchequer grant of £300,000 which was made available to Swansea-Cork Ferries Limited was to assist the Company in marketing and promoting their services to Cork in the interests of increasing the number of foreign tourists visiting the south west region. Specific requirements as to the spending of the £300,000 were not imposed on the company.
The funds were conveyed to Cork Corporation, acting on behalf of the three Irish local authorities who are shareholders in Swansea-Cork Ferries Limited, for investment in that company, by those local authorities, as equity. I understand that the funds have been paid by the local authorities to the company and that the necessary procedures for increasing the equity participation of the local authorities in the company are in hands.