B & I Worker Investment
The Minister said employees had invested about £400,000 in the M.V. Tipperary, representing an interest of roughly 4% of its capital value, with the principal due to be repaid by 1989.
asked the Minister for Communications the extent of worker investment in the B & I Steam Packet Company Ltd. to date.
Comment on this
Apart from the nominal shares held by directors of the company, all shares in the B & I are held by the Minister for Finance.
I have been informed by the B & I that under an arrangement entered into in 1979, more than 80 per cent of the company's employees have an interest totalling approximately 4 per cent of its capital value, in the M.V. Tipperary. The amount invested by the employees amounted to approximately £400,000 on which interest is being paid by the company over a ten year period to 1989. At the end of the period the capital sum will be repaid in full by the B & I.