Results 31,121-31,140 of 34,778 for speaker:Seán Fleming

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Did this take into account a diminution in value of €237 million?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: I ask Mr. Hopkins to forward a detailed note on the issue. Did Enterprise Ireland invest €490 million in shares and the seed capital fund?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: After taking account of what Mr. Hopkins called the diminution of that investment, is he saying the balance sheet figure is only €253 million or approximately half?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Is that what Enterprise Ireland was left with at the end of December as shown on the balance sheet?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Let us examine the value of what Enterprise Ireland now holds. Is Mr. Hopkins saying there has been a write-down of €237 million?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Is Enterprise Ireland left with €253 million at this stage? Is the write-down value almost equivalent to what Enterprise Ireland has been left with?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Yes. What is the maximum percentage of shares Enterprise Ireland would buy from a company? Preference and ordinary shares were mentioned.

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: What about preference shares?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Does the company do this? Is the figure 10%?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Is 10% the maximum figure?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: My next question is on the European Globalisation Adjustment Fund, from which €3 million was paid out during the year under review. I understand €2 million was paid out the previous year. How much was paid in 2012? It is stated on page 61 of the accounts that European Globalisation Adjustment Fund receipts in 2011 related to Dell, Waterford Crystal and SR Technics, which was...

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: How much was received from the European Globalisation Fund in 2012?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Okay. Mr. Ryan can send the information on to the committee at a later date. I have one final question. It was mentioned several times that Enterprise Ireland has large investments in shares and seed capital funds. If I understand the figures on pages 70 and 71 correctly, disposal of investment in shares last year amounted to €24 million and write-down, in respect of diminution in...

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Deputy Deasy referred to county and city enterprise boards, CEBs. People have different opinions on the matter. Is Mr. Ryan concerned that Enterprise Ireland will lose some of its local contacts? Its relationship with local authorities cannot be as specific. The CEBs' chief executives are not high up in the public service and will go in at a grade below that of director of service. Their...

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: What are KPIs?

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: A major issue for this committee is that we have no function in auditing the money spent at local government level. Will Enterprise Ireland be able to verify independently how its money is being spent? The committee will not be able to do so for it through audits of the local authorities or appearances at our meetings by council managers. What function will Enterprise Ireland put in place...

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Their audits are laid before the Oireachtas.

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: That chain will be broken. There is accountability to the Oireachtas for funding given through a national organisation such as Enterprise Ireland, given that the accounts of each CEB are laid before the Oireachtas. That link will be broken when the money is dispensed through local authorities. In line with the Chairman's strong opinions on this matter, the committee might consider...

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: Mr. Ryan and his colleagues are welcome here today. Enterprise Ireland is one of the most important organisations in the country at present with regard to helping to return growth and employment to their former strength. There has been quite a change in the economy in recent years and Enterprise Ireland has a very important role as a State agency to help find solutions with regard to...

Public Accounts Committee: Enterprise Ireland - Annual Report and Financial Statement 2011 (31 Jan 2013)

Seán Fleming: I ask him to send us the most recent information available. The area I come from tends to get lost as the region is unusual. I do not have a full fix. The IDA does not know my county exists but Enterprise Ireland is a little better in this regard and I would like to see its information. I had a look through the accounts this morning and last night. Page 57 details the income and...