Oireachtas Joint and Select Committees

Thursday, 31 January 2013

Public Accounts Committee

Enterprise Ireland - Annual Report and Financial Statement 2011

11:30 am

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

Okay. Mr. Ryan can send the information on to the committee at a later date.

I have one final question. It was mentioned several times that Enterprise Ireland has large investments in shares and seed capital funds. If I understand the figures on pages 70 and 71 correctly, disposal of investment in shares last year amounted to €24 million and write-down, in respect of diminution in value, in terms of shares still held, was €6 million, which amounts to €30 million. In respect of the seed and venture capital fund, the disposal figure is €6 million and the figure in respect of diminution in value is €11 million, giving a total of €17 million. It appears to me that the total cost as a result of disposals and diminution in value under the year under review is €47 million. Taking the overall total in the accounts, the diminution provision thus far in respect of shares held is €147 million and in respect of diminution in value of the seed capital fund is €90 million, giving a total diminution in value of €237 million. The total value of diminutions as per the balance sheet is €253 million. Am I correct that in terms of cumulative investment, there has been an almost 50% write-down in the value of shares and investments in seed capital funds held by Enterprise Ireland? The figure provided in the balance sheet is €252 billion and the figures provided in the accounts indicate a diminution in value of €237 million. Presumably, the investments were of the order of €500 million and there is a diminution in value of €237 million, which means the balance sheet figure, on a prudent basis, of €253 million. Is that an accurate assessment?

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