Mr. Seamus McCarthy:

The primary role of IDA Ireland is to attract foreign direct investment to Ireland, including encouraging existing investors to invest further in the country. It does this by promoting Ireland as an attractive location to potential investors and through the payment of grant aid in appropriate cases and the development of industrial property.

In 2012 IDA Ireland spent €89 million on grant aid to industry, with almost half of this figure being spent on support for research and development activities. IDA Ireland has a substantial industrial property portfolio across the State which is held for the purpose of assisting the promotion and development of industry. The portfolio had a net book value of €116 million in December 2012. Inevitably, it has not been immune from the fall in property values in recent years. This is reflected in the cumulative provision for impairment which stood at €191 million at the end of December 2012.

The agency's expenditure in 2012 on promotion and administration amounted to €38.5 million, of which approximately €9 million was spent on marketing, consultancy, promotion and advertising. The primary source of the agency's income is Oireachtas grants which totalled €132 million in 2012. These were paid from a separate IDA Ireland subhead of the Vote for the Department of Jobs, Enterprise and Innovation. The agency's accounts for 2012 received a clear audit opinion.