As we understand it, we can by no means envisage that the entire £3 million might have to be made available now. Has the Minister any idea of the time over which the shares might be taken up by the Minister for Finance?
British & Irish Steam Packet Company Limited (Acquisition) (Amendment) Bill, 1970 (Certified Money Bill): Committee and Final Stages.
Section I agreed to.
SECTION 2.
Question proposed: "That section 2 stand part of the Bill."
I am glad the Senator raised that point. It is envisaged that the Minister will invest £1.3 million of this £3 million in the current year. When this becomes law, £1.3 million will be immediately invested by the Minister for Finance and the balance, then, as required by the company.
I am not clear if there is any question of repayments or dividends from this. Could the Minister clarify that, because there is no mention of them in the Bill? In 1968 there were statements about repayment of capital. Is there any long-term plan or is it just a straightforward no-dividend investment?
Ultimately one would expect a dividend, but at present in regard to the capital commitments involved, there will not be any dividends. Any profits in the foreseeable future will be ploughed back into the enterprise.
For the information of the House, can the Minister say what the £1.3 million will be financing? I am particularly interested to see how much is necessary to pay to the original company, so as to discontinue the agreement of 1965.
The company's new terminal in Dublin is part of what is involved, in addition to the price that will have to be paid to Coast Lines to discontinue the agency agreement with them. These are some of the major aspects.
I was particularly interested to know how much will have to be paid to Coast Lines.
We have to negotiate.
Question put and agreed to.
SECTION 3.
Question proposed: "That section 3 stand part of the Bill."
This guarantees our loans. Would these be short-term or long-term? Is there anything in mind regarding the period? Will the Exchequer be paying the interest? Will they be long-term loans or——?
It depends on what can be negotiated.
Question put and agreed to.
SECTION 4.
Question proposed: "That section 4 stand part of the Bill."
To whom would the Minister be likely to want to sell the shares? These shares are not available for public distribution, are they? To whom does the Minister envisage selling these shares?
It is not envisaged that this will be done. It is a stock type of section put in legislation of this kind, but at the moment I do not anticipate any action under it.
Supposing it did arise? Would it be a case——
Is it not the purpose to allow the Minister to put them on the open market and to dispose of them to selected purchasers?
No. That is the purpose. It is not likely to arise.
This is an important distinction. You mean that they could at one time be put on the market and be quoted, but you are not likely to sell them to British Rail or another company?
No.
Question put and agreed to.
SECTION 5.
Question proposed: "That section 5 stand part of the Bill."
Would the company or the Exchequer have to pay the interest?
The company would have to pay.
Question put and agreed to.
Sections 6 and 7 agreed to.
Title agreed to.
Bill reported without recommendation, received for final consideration and ordered to be returned to the Dáil.