Éamon Ó Cuív (Galway West, Fianna Fail)

I will try to answer those questions as speedily and comprehensively as I can. All assets held by cohesing companies and identified under the due diligence process will transfer to the new, integrated company unless other arrangements are specifically agreed by the Department. Capital funding allocated for the development of assets through the programmes administered on behalf of my Department by the companies in question is subject to contractual obligations. These contractual provisions provide for the protection of the State's interest and will not be weakened in any way by the establishment of the new cohesing companies.

My Department is also in discussion with other Government Departments and agencies to ensure that the State's interest is protected regarding funding provided by it through these companies. My officials are in ongoing contact with the various cohesing groups regarding assisting them through the due diligence process. If the Deputy has particular concerns on assets held or developed by any specific company he should contact my Department directly and my officials will be only too happy to help him. That deals with the issues of bringing it forward. There is the legal process of due diligence.

On the new arrangements put in place by the Government, all integrated local development companies and partnerships are required to be compliant with the guidelines and model memorandum of articles of association issued by my Department in October 2007. These provide that: "The income and property of the company shall be applied solely towards the promotion of its main objects as set forth in this memorandum of association and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise howsoever by way of profit to members of the [company]." It also gives a very detailed procedure for when a company is wound up and how the assets are dealt with. I can send the Deputy a copy of this because it is very relevant. We have due diligence, which is a legal process in which they must all come over. I do not have the total value of the assets. We are working with that process to ensure they all come over. When we changed into these new structures to protect ourselves, there were very clear provisions in the articles and memorandum to protect all assets now and in the circumstances of a wind-up.

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