Vol. 520 No. 5
100 Mr. Higgins (Dublin West) asked the Tánaiste and Minister for Enterprise, Trade and Employment the amount of the total State guaranteed debt of Nitrigin Éireann Teoranta; and the amount of interest that has been paid by NET on this debt since the borrowing arose. [16213/00]
The State-guaranteed debt of Nitrigin Éireann Teoranta – NET – is currently £180 million.
In 1987, when Irish Fertilizer Industries Limited – IFI – was formed from a joint venture between NET and Imperial Chemical Industries plc – ICI – NET became the holding company for the State's 51% shareholding in IFI. At the time of the joint venture, NET retained approximately £164 million of its historically-accumulated State-guaranteed debt. From 1987 to the end of NET's financial year in September 1999, NET has paid £188 million in interest on its debt.
