Dáil Éireann - Volume 193 - 14 February, 1962

Ceisteanna—Questions. Oral Answers. - Sale of Shares in State Companies.

Mr. Mullen Mr. Mullen

65

[65] 66. Mr. Mullen asked the Minister for Finance the reasons for his decision, as reported in the press, to sell shares in State companies to private persons; and if he will state what criteria he envisages using in the selection of the State companies involved.

Dr. Ryan Dr. Ryan

Dr. Ryan: I would refer the Deputy to the reply I gave in the Dáil on this subject on 22nd November last. In that reply I stated that it was desirable, where circumstances permitted, that the Irish investing public be given the opportunity of sharing as widely as practicable in the control of State-sponsored concerns and I pointed out that the issue to the public of shares in these concerns would not only encourage more private investment in Irish commercial and industrial projects by widening the field of investment but would also result in the freeing of State owned capital for other desirable purposes.

I further stated that I had under examination the possibility of putting on the public market some of the capital of State-sponsored companies.

This examination will be a lengthy one and I am not yet in a position to indicate all the criteria which will be adopted. As I have already indicated they will include such matters as obtaining for the State a fair recompense in respect of capital already invested and, where a monopoly position is enjoyed, ensuring that the affairs of the companies will continue to be conducted in the national interest.

Mr. Norton Mr. Norton

Mr. Norton: Is there any likelihood that a decision on the matter will be taken in this calendar year?

Dr. Ryan Dr. Ryan

Dr. Ryan: We might reach one in this calendar year, possibly.

Mr. Norton Mr. Norton

Mr. Norton: Could the Minister indicate at this stage what the companies are likely to be?

Dr. Ryan Dr. Ryan

Dr. Ryan: No.

Mr. Norton Mr. Norton

66

Mr. Norton: Could he indicate what chance the House will get of [66] discussing the principle involved before any irrevocable decision is taken?

Dr. Ryan Dr. Ryan

Dr. Ryan: I think in all cases legislation will be necessary but, if not, it will be put before the Dáil.

Mr. McGilligan Mr. McGilligan

Mr. McGilligan: You will have to wait until the next public dinner.

Mr. Norton Mr. Norton

Mr. Norton: Is there any use in putting supplementaries to the Minister for Lands?

Mr. Leneghan Mr. Leneghan

Mr. Leneghan: He can go to Canada and announce it as the Deputy did.

Mr. MacEntee Mr. MacEntee

Mr. MacEntee: Hear, hear.

Dáil Éireann 193 Ceisteanna—Questions. Oral Answers. Sale of Shares in State Companies.

Questions

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