Irish Steel funding and future
The Minister said £10 million was provided for Irish Steel in the 1983 Public Capital Programme, with £1 million subscribed as an interim measure, and that proposals on the company’s future would go to Government in the coming weeks. He declined to say whether it would be maintained or closed, citing confidentiality, and said the provision could be increased by Government decision if needed; Deputy Reynolds warned that £10 million would not keep the company afloat for the year.
asked the Minister for Industry and Energy if an allocation from the Exchequer will be made to Irish Steel Ltd. this year; if he has taken a decision on the future of the company; and if he will make a statement on the matter.
Comment on this
The Government have made provision in the 1983 Public Capital Programme for £10 million of non-programme outlay for Irish Steel Ltd. At the Minister's request, the Minister for Finance subscribed £1 million of this total to Irish Steel's share capital on 16 February 1983 as an interim measure.
I am currently studying proposals for the company's future which will be brought to the Government in the next few weeks. It would, therefore, be inappropriate to make a further statement at present.
Comment on this
A Cheann Comhairle, I ask you to request the Minister when replying not to be glancing over very important public matters. It was very difficult even to hear some of the lines he was trying to muffle through. It is quite clear that there is an embarrassment for the Government in trying to answer some of those questions here.
Comment on this
I have a straight question. Are the Government going to maintain Irish Steel? Yes or no?
Comment on this
I stated in my reply, which obviously the Deputy did not hear, that I am currently studying proposals for the company's future which will be brought to the Government in the next few weeks. If I were to say anything further at this stage it would only jeopardise the situation of the company.
Comment on this
Obviously, I would be breaching confidentiality if I gave "yes" or "no" to that question.
Comment on this
I stated in my reply that the matter would be considered by the Government in the next few weeks.
Comment on this
I understood the Minister to say that the Minister for Finance put £1 million into Irish Steel earlier this year as an interim measure. Did I get him correctly?
Comment on this
Yes, that is correct, on 16 February 1983, as an interim measure. As I stated in my reply, £10 million has been provided in a non-programme outlay in the current year for the company.
Comment on this
Arising out of the fact that it was £1 million and I heard the Minister correctly, what was the request from the company, for what amount? Was it £10 million or £10 million plus?
Comment on this
The £10 million is available should it be needed to ensure the company's continuation.
Comment on this
A final supplementary from Deputy Reynolds. I appeal to Deputies who are in the House when the House is in formal session to use the seats in the House, please.
Comment on this
Did I hear the Minister correctly that £10 million is being provided in the Public Capital Programme as a non-programme outlay this year and that is the sum total of the provision he has made for Irish Steel? Would the Minister accept that £10 million would not keep Irish Steel afloat for the rest of this year and that the questions we were asking him earlier are now being answered? Irish Steel will close if that £10 million is the total provision.