Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Jobs, Enterprise and Innovation further to the announcement of the €90m microfinance scheme on 27 September 2012, the total cost of operating Microfinance Ireland in 2012 and provide the forecast cost of operating Microfinance Ireland in 2013 and the current effective full time headcount of that organisation. [9762/13]

Richard Bruton (Dublin North Central, Fine Gael)
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Microfinance Ireland opened for business on 1st October 2012. The full accounts for 2012 will amount to €461,000, which will include the cost of setting up the Microenterprise Loan Fund Scheme which was approximately €278,000. The set-up costs included company incorporation, legal support, advertising and communications, launch and financial advice. In the quarter to end December 2012 operating costs were €183,000 and included staffing, marketing, credit and other costs.

The accounts of Microfinance Ireland to end December 2012 are currently being prepared and have not yet been approved by its Board of Directors. The cost of operating Microfinance Ireland in 2013 is forecast to be €1.5m of which €800,000 is the forecast cost of bad debts. Six staff are currently employed in Microfinance Ireland.