asked the Minister for Industry and Commerce if the purchase of a 25 per cent holding by a foreign concern in an old established Dublin industry (details supplied) is likely to have an adverse effect on the employment situation in the Dublin concern.

The transaction in question was carried out by the companies concerned on their own responsibility. They were not obliged to consult my Department. I am informed, however, that the transaction was one in which a Belgian company, which had for many years held a 20.4 per cent shareholding in the Irish company referred to by the Deputy, disposed of this shareholding to a UK company.

As to the future prospects of the company, the Deputy will no doubt have noted the company's statement that they welcome the investment by the UK group and expect that this will strengthen the long term prospects of the Irish company.

The immediate prospects are poor.

This change of shareholding has had no effect whatsoever. It is a transfer of a shareholding which was in Belgian hands.

There is no pay-off whatsoever?

No.