Mr. Terence Connolly:

No problem.Projects are only 60% funded by the EU and currently there is more than €287 million available. When the 40% co-financing is added, this programme will offer around €478 million worth of investment in projects across north-west Europe in the coming four years.

Regarding the EU Just Transition Fund, just transition is the term used to describe the socioeconomic transformation to a climate-neutral economy while securing the future and livelihoods of workers and their communities. The fund is designed to do this in an area designated the just transition territory. Interestingly, the programme, which is 50% co-funded by the Government, allocates a substantial €169 million to support the just transition. There are three priorities: generating employment for former peat communities; the restoration of degraded peatlands and the regeneration of associated assets; and smart and sustainable mobility.

I would like to give the members further information on the ERDF regional programmes. The programmes for the period 2021 to 2027 will be managed by both the Northern and Western Regional Assembly and the Southern Regional Assembly. Both focus on similar schemes, with the Northern and Western Regional Assembly having a co-financing rate of 60% and the Southern, Eastern and Midland Regional Assembly having a co-financing rate of 40%. The co-financing rate difference is reflective of the fact that the Northern and Western Regional Assembly region is considered to be a region in transition, or lagging region, by the European Commission. Both programmes will focus on three priorities: smarter and more competitive regions, greener more energy efficient regions, and sustainable urban development in our regions. The total budget for the northern and western region is €217 million, and for the southern, eastern and midland region it is €663 million.

We thank members again for the opportunity to present to them today. As they can see, there is a huge amount of work concerning EU funding happening at regional government level. The regional assemblies have now been managing EU funds for a quarter of a century, with total funding of €4.7 billion, and the level of expertise, knowledge and understanding of complex funding models in the regional assemblies is now second to none. Ireland punches above its weight with INTERREG funding but of course we can do better, and a Government-funded co-financing pot would ensure much greater success in line with other member states that have taken that route. Again, I thank members for the opportunity today. We look forward to answering any questions they may have.