Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

In the past five years, Enterprise Ireland paid out almost €520 million to its client companies: €134.02 million in 2009; €167.28 million in 2010; €80.21 million in 2011; €69.57 million in 2012 and €68.84 million in 2013. It has also invested €115 million through the seed and venture capital schemes, development capital scheme and the innovation fund Ireland between 2009 and 2013. This breaks down as €16 million in 2009; €16 million in 2010; €20 million in 2011; €30 million in 2012 and €33.5 million in 2013. These funds leverage an additional multiple amount from private sources in Irish enterprises. The county and city enterprise boards paid out €154.8 million in the past five years to small and micro Irish businesses. IDA Ireland paid just over €472 million in grant aid to its client companies: €80.87 million in 2009; €120.44 million in 2010; €96.76 million in 2011 €89.27 million in 2012 and €84.95 million in 2013. Grants figures for the agencies in respect of 2009 and 2010 include payments made under the temporary employment subsidy scheme, as well as significant payment by IDA Ireland towards the National Institute for Bioprocessing Research and Training, NIBRT, project.

In overall terms, the total expenditure supporting Irish-owned business is clearly considerably greater than that spent on foreign-owned companies. Generally, the range of supports available to Irish-owned companies is far wider, spanning start-up, innovation, process improvement, management development, export support graduate placement, etc, many of which are not appropriate to overseas investors. Spending on all companies is subject to state-aid rules and to careful evaluation by the respective agency to ensure value is obtained for taxpayers' investment in jobs, exports and enterprise development.

I am satisfied that moneys invested are spent well and have promoted the recovery in employment in export-oriented sectors with a good balance between Irish and overseas enterprise.

See this speech in context