Imelda Munster (Louth, Sinn Fein)
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290. To ask the Minister for Transport, Tourism and Sport if he is responsible for the financial oversight of the ports under his control; and if he will make a statement on the matter. [12278/17]

Shane Ross (Dublin Rathdown, Independent)
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As Minister for Transport, Tourism and Sport, I am responsible for overall policy for the commercial ports sector and the corporate governance of the commercial port companies operating under the Harbours Acts 1996 to 2015.

The core objective of National Ports Policy is to facilitate a competitive and effective market for maritime transport services. National Ports Policy also clearly outlines that the commercial port companies must operate on a commercial basis without recourse to State funding.

As Minister, I have no involvement in the day to day operations of the commercial port companies. Similarly the financial management of the commercial ports is a matter for the port companies concerned.

Chapter 5 of my Department's Corporate Governance Framework provides an overview of the approach applied in the external governance and oversight of all agencies and bodies under the aegis of the Department of Transport, Tourism and Sport. This document is publically available under publications atwww.dttas.ie.Inline with corporate governance requirements, the commercial port companies submit their annual audited accounts to my Department which are laid before the Houses of the Oireachtas prior to publication.

Imelda Munster (Louth, Sinn Fein)
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291. To ask the Minister for Transport, Tourism and Sport the reason the Drogheda Port Company, in view of its very significant profits and cash generation capacity in the past few years, has not paid any dividends to the State; and if he will make a statement on the matter. [12279/17]

Shane Ross (Dublin Rathdown, Independent)
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The decision to pay a dividend to the Minister as shareholder is entirely a matter for the Board of a port company, which takes this decision, based on their assessment of what is best for the company, in discharge of their fiduciary duties under the Companies Acts.

In reaching such a decision the Board must be cognisant of the cash position of the company, not overexposing the company to debt, the need to ensure an adequate maintenance programme for the existing port infrastructure and future infrastructure needs, and ensuring that the Port is in a position to respond to opportunities which might emerge in the future.

The commercial ports sector is very diverse with companies of very differing capabilities and financial performance. It should also be acknowledged that ports return a non-financial dividend to the State in the  form of the wider socio-economic benefits that they provide through trade facilitation, employment and public amenity value.

Imelda Munster (Louth, Sinn Fein)
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292. To ask the Minister for Transport, Tourism and Sport if Drogheda Port Company has made a provision against its share, loan and credit investment in its subsidiary (details supplied); if he has satisfied himself that the provision, if made, is adequate in view of the fact this subsidiary is insolvent to the tune of in excess of €600,000; and if he will make a statement on the matter. [12280/17]

Shane Ross (Dublin Rathdown, Independent)
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As Minister, I have no involvement in the day to day operations of the commercial port companies. The financial management of the commercial ports and their subsidiaries is a matter for the port companies concerned.

I understand from Drogheda Port Company that the company has not made a financial provision against its share, loan and credit investment in its subsidiary company. Drogheda Port Company also advised that the subsidiary company is not currently operating at a deficit. All proper accounting standards and provisions are applied as required and the company's accounts are independently audited annually.