Trevor Sargent (Dublin North, Green Party)
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Question 40: To ask the Minister for Enterprise, Trade and Employment the financial assistance involved in his Department's sponsorship of the five year expansion programme of a company (details supplied); the reasons for the sponsorship; and the estimated return to the State on that investment. [31663/06]

Micheál Martin (Cork South Central, Fianna Fail)
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On 31 August, 2006, I announced the creation of 1,000 jobs by the company in question to support its international development. Up to 700 of these jobs will be located at a new facility in Navan, Co. Meath and the remainder will be created at the company's existing Irish operations in Cavan and Blanchardstown.

The overall investment is being supported by Enterprise Ireland and is line with the agency's mission to assist the growth of innovative Irish business that can achieve significant scale globally. The details of the funding support approved are commercially sensitive. However, actual payments will only be made as the company implements its investment and jobs are created. The agency will, of course, make the details of such payments available through its Annual Report as they occur.

The nature of this type of investment and its size will provide continuing benefits well into the future both to the local communities, the broader region and at a national level. Many of the benefits will be very tangible in nature. For example, the creation of new jobs will lead to enhanced employment opportunities for local people that will have positive implications both economically and socially. Additional resources will result for the Exchequer in terms of increased income tax and corporation tax takes. The jobs created and a fall in unemployment in the particular locality may also lead to a saving in social welfare provisions.

Other benefits are more intangible. These can be critical for the local economy and include sub-supply opportunities for firms in the immediate locality. In essence the investment will have a multiplier effect providing for a thriving and diverse local enterprise base that directly and indirectly supports the projects. Such projects can also act as an incentive for other companies to establish in the regions concerned.

The benefits accruing could potentially be self generating for many years and ensure long-term sustainable economic development. Enterprise Ireland undertakes a comprehensive appraisal of projects from companies that seek funding. Over time, the return to the State for the investment in the project will be a combination of a number of items including income tax, corporation tax and spend in the economy that subsequently accrue.