I propose to take Questions Nos. 32, 56 and 64 together.
I should explain at the outset that the Irish Stock Exchange is part of a wider entity know as the International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.
The investigation into the Greencore placing has, as a result, involved both the Dublin and London Stock Exchanges. The Irish Stock Exchange announced on 6 May 1993 that it had commenced an investigation into the circumstances surrounding the placing of the Government stake in Greencore plc. This particular investigation was carried out by staff of the surveillance division of the International Stock Exchange of the United Kingdom and the Republic of Ireland Limited and staff of the Irish Stock Exchange. In accordance with Stock Exchange rules, a report on this investigation was, I understand, considered by the committee of the Irish Stock Exchange on 2 July last and this was then submitted for consideration by the Professional Standards Panel in London which is the next stage in the process. It is the function of the Professional Standards Panel to determine whether or not, on the basis of the facts disclosed by investigations and subject to the availability of sufficient evidence, the bringing of charges under disciplinary rules is appropriate to uphold proper professional standards. The report was not made available to me.
The procedures to be followed by the Professional Standards Panel and related bodies of the Stock Exchange are laid down in Stock Exchange rules. Under these rules, the proceedings of the panel and other Stock Exchange bodies in disciplinary matters are confidential and are not disclosable by the Exchange unless and until a decision is taken to censure, suspend or expel a member firm or the firm consents to disclosure. I understand that this is to avoid prejudicing the position of a party under investigation.
As to the length of time which the investigation has taken, I would emphasise that the decision to carry out the investigation was made independently by the Stock Exchange. It would not be appropriate, nor is it open to me, to question the duration of the investigation. As I have indicated, a report was in the hands of the Irish Stock Exchange less than two months after it was initiated. The decision on whether or not to take any further step is entirely a matter for the Stock Exchange.
The separate investigation by the Attorney General was conducted by him, in his capacity as legal adviser to the Government, to review the factual circumstances of the placing from a legal point of view and to advise me. The Attorney General has furnished me with his report and advice. Such advice is confidential of its very nature and I do not wish to prejudice the ongoing Stock Exchange investigation by making any comment on matters touching upon the Attorney General's advice.
In conclusion, I would remind the Deputies that the Exchequer suffered no loss whatsoever in the placing and that the full proceeds of £69,872,460, based on the sale of all 25.4 million shares at 275p per share, were lodged with the Exchequer on 17 May. In addition, fees amounting to £725,000 in connection with the placing were waived by Davy Stockbrokers.