Mr. Terry Corcoran:

It is based on regions, as opposed to countries, with an unemployment rate for young people in excess of 25% last year. The amount of money allocated will be based on the number of young people in the regions rather than the country overall. I believe 23 countries will have access to the fund, but many of them will have very little access, as they will have a low youth unemployment rate overall, but they will have one or two regions where significant numbers of young people are unemployed. The estimate we have for funding for the next two years, including European Social Fund money and the front-loaded youth employment initiative fund money, is approximately €60 million per annum or slightly more. As was mentioned, the refund rate for programmes covered by the European Social Fund and the youth employment initiative will be approximately two thirds.

The overall spend would need to be approximately €100 million to draw that down. As members will have seen in the answers to parliamentary questions, we are already spending an estimated €175 million or €180 million on providing opportunities for young people. The €60 million per year will go some way towards funding that and any further expansion.