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Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Even an estimate of the figure. What are we looking at? From the State’s point of view, it is significant investment. Everyone is wondering and EI knows that. It is risky and we understand that. EI is competing and it is fairly vicious out there for new start-up companies. Is it generally, for example, a 70% survival rate or a 40% survival rate?

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: It is a much higher percentage with smaller, micro industries with local enterprise offices, LEOs.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: At early stages.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Over a period of time. Is that seven years?

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: On environmental, social and governance, ESG, investments, that is, on environmental and social good investments, is that a factor when EI is assisting companies or new start-ups or investing further money in companies perhaps that are at a certain stage but need to expand or need further development? Does EI examine that part of it? Does it look the environmental issues and what the...

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: What involvement does Enterprise Ireland have with the semi-State companies? I am thinking of Bord na Móna in particular. There is somersaulting involved in having to innovate and change from being a massive carbon producer to becoming a massive carbon solution company. What involvement does Enterprise Ireland have with Bord na Móna, a very important semi-State company?

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Is Enterprise Ireland providing funding to Bord na Móna? It was the case that the lock was nearly being put on the gate. Fortunately, that has been turned around in that Bord na Móna has grasped this and is trying to innovate, develop and expand into a whole range of areas, including hydrogen, as the witnesses will probably know. Does Enterprise Ireland provide direct funding to...

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Thank you for that, Dr. Gibbons. Mr. Sherry, do you wish to add to that in respect of Bord na Móna in particular?

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: The question I asked, to which I have not yet got an answer, is whether Enterprise Ireland provides the funding directly to Bord na Móna or attached or subsidiary companies.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Is that because of state aid rules?

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: That would not stop Enterprise Ireland from providing financial assistance to subsidiaries or attached companies.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: I am talking about related companies.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Enterprise Ireland can with those-----

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Has Enterprise Ireland done so? That is what I want to know.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: I know that the just transition money came in. That is very welcome. Many of us, particularly in the midlands, have raised that for obvious reasons and because of the demise of the peat harvest and the black hole, pardon the pun, in a number of ways, particularly in respect of jobs. What level of protection do we have from the significant transition and the changes taking place in the...

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: I understand that we are a small fish in a big sea, but are you concerned there will be a significant drop-off in respect of the tech sector in terms of the level of this in this country?

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: You do not see a steep fall.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Many people will be reassured by that because, obviously, Enterprise Ireland is following this very closely.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Enterprise Ireland was doing that directly.

Public Accounts Committee: 2021 Financial Statements of Enterprise Ireland: Discussion (23 Mar 2023)

Brian Stanley: Obviously, Enterprise Ireland can do it directly with the greater number of related companies now. Thank you for that, Mr. Sherry.

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