Dáil Éireann Debate, Tuesday - 20 June 2017
1865. Deputy Imelda Munster asked the Minister for Transport, Tourism and Sport the number of subsidiaries which have been approved for establishment by Drogheda Port Company; the percentage shareholding held in each case; the declared justification for each; if the consent of the Minister for Finance was obtained for each approval; and if he will make a statement on the matter. [27878/17]
Amharc ar fhreagraI wish to advise the Deputy that Drogheda Port Company has established two Subsidiary companies namely Fast Terminals Limited in which it holds a 50% shareholding and Bremore Ireland Port Limited in which it holds a 100% shareholding.
It is the statutory objective of each port company, inter alia, to take all proper measures for the development of its harbour, to promote investment in its harbour and to engage in any business activity either alone or with others, to develop its harbour. Both of these subsidiary companies were established following consideration by the Board of its statutory remit.
The approval of both the Minister for Transport Tourism and Sport and the Minister for Public Expenditure and Reform to the establishment of these subsidiaries was given as required under Section 17(2)(b) of the Harbours Act 1996 as amended by the Harbours Act 2015.
Fast Terminals Limited was established in partnership with Fast Herco Limited to provide stevedoring services in the port.
Bremore Ireland Port Limited was established to develop a new deep water port at Bremore. In the intervening years since its establishment the economic and policy perspective has changed significantly. Since the publication of the National Ports Policy 2013 which specifies that large scale infrastructure projects will be led by ports of national significance, no further investment has been made by Drogheda Port in this regard.
