Pat Casey (Wicklow, Fianna Fail)
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22. To ask the Minister for Jobs, Enterprise and Innovation the consultation and decision-making processes that were employed by Enterprise Ireland in making the decision to sell the shareholding in a studio (details supplied); the reasons conditions were not placed on the sale to ensure that the studio remains a film making studio in the long term; and if she will make a statement on the matter. [32984/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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Ardmore Studios is a commercial concern owned 68.33% by private shareholders. Enterprise Ireland’s 31.67% stake in the ownership of Ardmore Studios is a legacy shareholding acquired as a result of an equity investment and a loan by Nadcorp (a predecessor State Agency) under an Agreement that dates back to 27 August 1986.

The sale of the Ardmore Studios is a commercial decision by the owners of the Studios.

As a passive investor, Enterprise Ireland has not been involved in the day-to-day business of running Ardmore Studios. Furthermore while Enterprise Ireland offers supports to exporting companies involved in film and the creative sector, policy responsibility for the development of the film industry rests with my colleague, Ms Heather Humphreys, T.D., Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs.

Ardmore Studios is being placed on the market for sale as a going concern. Enterprise Ireland has not placed any pre-conditions on the pending sale of Ardmore Studios due to the existence of planning restrictions on the site which safeguard its use as a film making studio into the future.

At the appropriate time, a proposal for decision on the sale of Enterprise Ireland’s shareholding will be reviewed by Enterprise Ireland from a commercial and legal perspective to ensure receipt of fair market value and return for the taxpayer.