Vol. 402 No. 7
28 Mr. Barry asked the Minister for Finance if he will outline (1) the companies which owe money to Fóir Teoranta, (2) when the money was originally advanced, (3) the amount of capital which remains unpaid, (4) the amount of interest due, and (5) the arrangements which have been put in place to collect moneys outstanding.
As regards companies which owe money to Fóir Teoranta, the company took a decision in 1982 not to publish details of client firms as this might damage the credit standing of such firms. It would not, therefore, be appropriate for me to give information in respect of such companies.
Information as to the amounts owing to Fóir as at the balance sheet dates are set out in its annual reports and accounts which are available in the Library of the House, the most recent being that for the year ended 31 December 1989 which was published on 23 October 1990. As of 30 September 1990, the total owned to Fóir, less provisions was £11.8 million being £10.6 million in loans and £1.2 million in investments.
As regards the amount of interest due on loans, as indicated in the annual accounts, it is not the company's policy to accrue interest on loans; it is accounted for when received.
Fóir Teoranta is at present winding down though it continues to be responsible for collecting all outstanding amounts due to it. The company will be abolished at the end of the winding down period and its assets and liabilities, including its portfolio of loans and investments, will be transferred to the Industrial Credit Corporation plc under the terms of the Fóir Teoranta (Dissolution) Bill, 1990, which is at present before the House.
