Tony Killeen (Clare, Fianna Fail)

With regard to temporary borrowing and short-term difficulty, as mentioned by Deputy Creed, I am not aware of any difficulty, if such exists. Headroom is allowed here to deal with a number of proposals under the strategic plan put forward by Coillte. For example, if one considers the two plants, considerable investment has been put in place already in Medite, with some more required. Something similar is required in Smartply to make it compatible with the kind of requirements in board quality that would make it capable of competing internationally in the export market. With regard to the €400 million, the main Bill will be published long before anything close to that is even reached.

I appreciate the point the Deputy made with regard to safeguards in the Bill but am concerned that the manner in which it is tabled in this amendment might cut across the requirement, in accounting practice terms, for companies to present their annual reports in a particular way.

Regarding the 1988 Act, raised by Deputy Sherlock, I understand the provision relied on is section 24(2) which states:

The company may borrow money (including money in a currency other than the currency of the State) temporarily but the aggregate at any one time of such borrowings shall not exceed such amount as has been approved by the Minister with the consent of the Minister for Finance.

That appears to me to sit separately from the requirement in section 24(1)(a) concerning the overall limit. They are parallel requirements. The overall limit is for the other borrowings and this is for the temporary borrowings. However, temporary became a little long-term and that is what I am trying to address.

See this speech in context