Phil Hogan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

More than anyone else, the Deputy knows that we are in a difficult financial position. I do not expect to receive approval from the Department of Public Expenditure and Reform to allocate additional moneys over and above what is included in the programme. I have already received the co-operation of the Department to make a great many changes to the funding for the programme to help to draw down 100% of what has been allocated. I draw the Deputy's attention to the fact that only 43% of all that has been committed has been drawn down under the current programme which has six months left to run. I am monitoring every local development company on a monthly basis and have given them until 31 August 2013 to state what they are going to do on projects to which they have already committed. If I believe a company is not in a position to draw down the money between now and the end of the programme, I will recommit the money to other Leader or local developments companies which are in a position to spend it.

See this speech in context