asked the Minister for Finance if his permission has been sought by Irish Shipping Ltd. and Allied Irish Banks in respect of the reported transactions between them; and if they require his permission to acquire cross-channel shipping interests.

On foot of a request from Irish Shipping Ltd., I have given my approval for their proposed joint venture with Allied Irish Banks in a new company. Oceanbank Developments Limited.

Irish Shipping Limited are not obliged to seek my permission to acquire any cross-channel shipping interests.