Oireachtas Joint and Select Committees

Thursday, 31 January 2013

Public Accounts Committee

Enterprise Ireland - Annual Report and Financial Statement 2011

11:10 am

Mr. Paddy Hopkins:

I will address the contribution back to the Exchequer. To fund our activities we receive a grant-in-aid figure at the beginning of the year and we also have an agreed own-resource income target. This is how we fund our overall budget for the year. The agreement with the Department of Jobs, Enterprise and Innovation and the Department of Finance is that any excess income we earn beyond the agreed figures is refunded to the Exchequer. Our budgets are set on this basis. As the Deputy can see from the accounts, we have a substantial portfolio of shares and there can sometimes be a trade sale, rights issue or conversion which brings about a windfall of own-resource income. This happened in 2011.