Brendan Smith (Cavan-Monaghan, Fianna Fail)

I totally reject the argument that every effort was not made to protect the Irish sugar industry. Every effort was made. Greencore made the decision to renounce the quota, not the Government.

To answer Deputy Doyle's first question, the special share in Greencore did not allow the Minister, acting on behalf of the State, to contribute to the decision made by Greencore on the renunciation of the quota. The proposed actions by Greencore that required the Minister's consent under the terms associated with the special share were related to any changes to certain specified articles of the articles of association; the voluntary winding up of Greencore; the sale of more than 49% of Irish Sugar plc, a subsidiary of Greencore; and the creation of a new class of shares in Greencore. Legal advice obtained at the time was that they did not include provision for the Minister to direct Greencore in relation to the sugar quota. Greencore was the holder of the entire Irish sugar quota.

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