asked the Minister for Industry and Commerce the terms on which £201,000 was lent to Nítrigin Éireann Teoranta in the period ended 31st December, 1965; and whether any further sums have been similarly lent since that time.
Ceisteanna—Questions. Oral Answers. - Loan to Nítrigin Éireann Teoranta.
175.
The amount of £201,000 was advanced to Nítrigin Éireann Teoranta by the Minister for Finance in the period ended 31st December, 1965, under section 5 of the Nítrigin Éireann Teoranta Act, 1963. This sum completed the amount authorised to be so advanced by the Act. The rate of interest fixed in respect of the advance of £201,000 was 6¼ per cent which was the Exchequer lending rate when the advance was made. The time and method of repayment have not yet been fixed.
Is it intended that interest should be charged?
Yes, 6¼ per cent.
Can the Minister give an indication when it is hoped to fix terms and methods of repayments?
I could not do that at this stage. The matter is under discussion at the moment but I would say to Deputies that this is one of the most successful industries ever founded in this State. It is one from which we will make a lot of money, create a lot of employment and which will produce employees of a high technological level.
I hope you are right.
It is because it is so successful that we want to know how it works.
I never heard of a loan for which there were no repayment arrangements made on the day it was issued.