Derek Nolan (Galway West, Labour)
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Question 92: To ask the Minister for Finance the progress made on the employment incentive scheme, which was to replace the business expansion scheme; and if he will make a statement on the matter. [37190/11]

Michael Noonan (Limerick City, Fine Gael)
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State aid approval for the Employment and Investment Incentive (EII) was received from the European Commission late last week. I announced the commencement of the incentive, via press release, with effect from 25 November 2011. In view of the extended time frame that has been involved in achieving the approval of the European Commission, I have decided to allow for the EII and the existing Business Expansion Scheme (BES) to run concurrently until 31 December 2011, in order to maximise opportunities for small and medium-sized companies to raise investments in the current tax year.