Mr. Seamus McCarthy:

As members are aware, Enterprise Ireland is tasked with assisting the development of Irish industry and enterprise with the aim of contributing to employment and economic growth. It provides financial supports to business enterprises by way of grants and equity investments, as well as non-financial supports in the form of assistance and advice.

Enterprise Ireland funding is also used to promote research and development activity, including funding for collaborations between industry and the higher education sector. It also funds local enterprise offices, operating as units of local authorities, to provide supports to micro-enterprises.

Enterprise Ireland’s main source of income is Oireachtas grants paid from the Vote for Enterprise, Trade and Employment. In 2021, this amounted to €582 million. Enterprise Ireland generated income of €18 million, in the form of financial returns on its investment portfolio, refunds of financial supports and grants, and fee income. The agency also realised a profit of €61 million on the disposal of investments in 2021.

Expenditure in 2021 totalled almost €512 million. Financial support to industry accounted for €405 million of this, including €163 million on company development; €153 million for science and technology development; €60 million for the local enterprise offices; and €21 million for the small business aid scheme for Covid-19. Administration costs in the year comprised pay costs of almost €65 million, and €22 million of other costs.

Enterprise Ireland had significant financial assets valued at €534 million at the end of 2021. This included €399 million in seed and venture capital fund investments, and €128 million in share investments, mainly in unquoted shares.

At the end of 2021, almost €87 million was outstanding in respect of concessionary loans issued to companies by Enterprise Ireland and the local enterprise offices. In 2021, €47 million in such repayable supports was advanced to companies, mainly under the sustaining enterprise fund scheme, which was introduced in 2020 to support enterprises affected by the economic impact of Covid-19.

I issued a clear audit opinion on the 2021 financial statements. Go raibh maith agat, a Chathaoirligh.