Government beginning to deliver results for State – Enda Kenny

OPINION: The Republic cannot follow Greece into default on debts as this course of action would be disastrous for our embryonic recovery, writes ENDA KENNY

THIS GOVERNMENT’S strategy of working to improve the bailout deal in order to get the country working again after almost four years of recession is starting to produce a return. The economy started to grow again in the first half of the year; the public finances and unemployment have stabilised and deposits are now returning to Irish banks.

While we have a long way to go, we have made a decent start and are now on the right track.

The deal agreed by EU leaders last Thursday morning is another step in the right direction. It is intended to avert a banking crisis and another recession in our biggest European trading partners, thus allowing our export-led recovery to continue.

Moreover, the expansion in resources available to the euro zone bailout fund underpins the renewed commitment of fellow euro zone members to continue to support countries such as the Republic that are pursuing sustainable economic policies.

Some have argued that this State should use the restructuring of Greece’s debt as an opportunity to repudiate the deal with our partners and to renege on our own debts.

Such a course of action would be disastrous for our recovery. By cutting ourselves off from further international loans, we would have to close this year’s €16 billion Government deficit immediately rather than over a number of years. This would plunge the economy back into recession and impose a degree of social hardship beyond anything experienced so far.

Given our vastly better economic circumstances compared with Greece, default would mark us out as a country that “won’t” rather than “can’t” pay our debts, killing off foreign direct investment and resulting in even higher borrowing costs for the State and Irish businesses that would strangle recovery and lower living standards for a generation.

It is empathy and solidarity, not envy, that I feel for our fellow EU citizens in Greece. As part of the deal, they are being forced to sell €50 billion of state assets, cut monthly pensions above €1,000 by 20 per cent, cut tax-free income thresholds from €12,000 to €5,000 and suspend 30,000 civil servants on partial pay.

On top of this, they face another 10 years of austerity and troika surveillance. While it is not surprising that a deal of this nature is being put to a referendum by the Greek government, who could possibly want this for the Republic?

The Irish Government’s strategy is growth, not default. We will not unilaterally repudiate the agreement with our partners, but will instead continue to improve its terms to make it more affordable and jobs-friendly. Our ambition is to be the first euro zone country to restore market confidence and emerge successfully from a bailout.

It is this strategy that has already seen us change the terms of the deal we inherited from the previous government in order to:

Secure €7 billion in private sector contributions to the cost of recapitalising our banks, including over €5 billion from burden sharing with junior bondholders;

Finance 5,000 national internship places and cut the rate of PRSI on low-paid jobs and the rate of VAT on tourism services in May;

Reduce the interest cost of the bailout loans in July by almost €10 billion;

Change the measures in the upcoming budget to minimise any negative impact on incomes and jobs.

Part of the existing agreement with our external partners is not to allow any Irish bank, including Anglo Irish Bank, default on its debts to bondholders for fear of paralysing wider European financial markets. I share the Irish public’s dismay at the cost and unfairness of this policy and the delay it caused to the State’s recovery.

But the unfortunate truth is that the vast majority of Anglo’s debts were paid off under the previous government. Of Anglo’s €97 billion in liabilities in September 2008 when the previous government offered it a blanket guarantee, €3.3 billion in unsecured private debts now remain, including the €700 million due for repayment today.

This horse has well and truly bolted.

In the absence of support from our external partners, potential gains to Irish taxpayers from forcing the bank to default on these bonds, while not insignificant, do not justify the enormous risks from such a courseof action. Allowing Anglo to default would create doubt over the future of the €110 billion in funding being made available by the European Central Bank and the Irish Central Bank to Irish banks at a low interest rate and could mean a renewed flight of funds and even tighter credit conditions for potential Irish job creators.

This Government is working every day to undo the painful legacy of the calamitous banking policies pursued by the previous administration. From the wreckage of the banking system that we inherited last March we have carved out two pillar banks – AIB and Bank of Ireland – as engines of economic recovery. We will close Anglo Irish Bank at the earliest opportunity. We have not put a single cent of taxpayer money into this bank on top of what was already legally committed by the previous government. We have merged its loan recovery operations with Irish Nationwide and are aggressively cutting costs. Only last week we completed the sale of a large chunk of its $9.2 billion in US assets.

Moreover, the additional flexibilities and resources now available to the euro zone’s bailout fund offer us the chance to negotiate more improvements in our bailout on top of what we have already achieved, including more help with funding our banks. This is something my Government will pursue with determination over the coming months.

- Article in The Irish Times, Wednesday, November 2, 2011

Bruton launches new 10 million euro International Start-Up Fund to draw overseas entrepreneurs.

Fantastic news from Minister Bruton..

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today [Thursday] launched a €10 million International Start-Up Fund, aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland:

·        The fund will be administered by Enterprise Ireland and will be open to company promoters anywhere in the world, but will be targeted particularly at the Irish diaspora, international expatriates, the “New Diaspora” (people from overseas who have previously worked or studied in Ireland), as well as serial and mobile entrepreneurs
·        Key geographical targets will include North America, UK, Europe and Australia
·        Key target sectors include Internet, Games, Cloud Computing, Medtech and Financial Services sectors
·        The fund will target investor-ready projects seeking between €200,000 and €500,000
·        Funding will be in the form of an equity stake taken by the State in the company

To support the marketing of the fund overseas Enterprise Ireland will be appointing a number of high profile successful Irish entrepreneurs to act as International Start Up Ambassadors.  Dylan Collins, one of the most experienced Internet entrepreneurs in Europe, is one of the first to accept the role of fund Ambassador.

Announcing the fund, Minister Bruton said:

“This Government’s ambition is not only to turn the country around and get employment growing again, but to once again create a dynamic economy that is the envy of the world and has over two million people at work.

“This will not be easy, but one key strand of our new industrial strategy will be to create a genuine indigenous engine of growth. As I have said before, our ambition must not only be to attract the next Google or Microsoft to Ireland, but we must also seek to grow the next Google or Microsoft in Ireland. Indigenous companies provide proportionally more than three times more benefit to the Irish economy than multinational companies.

“Today’s announcement is a direct intervention by government to create more start-up companies here. Across the world, many of the start-up companies which go on to succeed and create jobs are driven by people within a small class of mobile, innovative, serial entrepreneurs. What the Irish Government is saying very clearly today to the international technology community gathered in Dublin is – come and start your company in Ireland, we are open for business, and we will support you”.

“There is no reason why Ireland should not be a global centre for international start-ups. We already have a growing number of mobile start-ups locating here, and with strong Government supports, a business-friendly environment, a deep pool of skills as well as all the benefits that come with a base of multinational companies that is the envy of the world”.

Commenting on the new initiative Frank Ryan, Enterprise Ireland Chief Executive said:

‘Stimulating the flow of new High Potential Start-Ups and supporting their growth are fundamental building blocks in Enterprise Ireland’s strategy for economic growth and job creation.  We want mobile entrepreneurs to locate their businesses in Ireland and to see Enterprise Ireland as their dedicated partner.

‘The addition of the €10m fund provides a core offering around which the rest of our overseas entrepreneurship marketing and promotion efforts will be centred.  The attraction of overseas entrepreneurs to Ireland is an important opportunity to expand our start up activity and they will significantly add to the diversity and skill-base of the Irish start up community’.

Dylan Collins, Irish serial entrepreneur who has established highly successful companies in various countries, said:

“I am delighted to be the first international ambassador for this start up fund. It’s an excellent way to build on Ireland’s position as one of the leading startup hubs in Europe. If you’re in a startup anywhere in the world which has international ambition, you need to come and talk to us right now”.

Louis Ravenet, a serial US entrepreneur who earlier this year set up his company 2PaperDolls in Ireland, commented on what motivated him to move his business to Ireland:

“Ireland has a number of advantages for an early-stage business – it’s efficient, highly networked, co-operative and it is extremely refreshing that there isn’t a ‘hold cards close to the chest’ attitude here.  2PaperDolls is growing and we have found skilled software developers in good supply in the Irish market.  And from a cost perspective, Ireland is a great place to do business – you have the low corporate tax rate and it’s inexpensive compared to other world-class capital cities for office space, housing, schools and getting around”.

To find out more about the International Start Up Fund and Ireland as a location for your business visit: www.startinireland.com

To apply for the fund contact:
Start in Ireland Enquiry Desk, Tel: +353 1 7272140, startinireland@enterprise-ireland.com

A short message from Gay Mitchell

In the last General Election, 40 per cent of the people decided how to vote in the last week, 20 per cent on the last day. In previous Presidential Elections, which we all have difficulty remembering, the vote was even more volatile.

People will only now ask themselves who they want to succeed President McAleese. Take a look yourself at the seven candidates. At this crucial time in our country’s very real difficulties, I believe I have the breadth and depth of experience, but also the vigour and energy to join in leading our country to prosperity and happiness (as the 1916 Proclamation aspires). Votes are won in ones. Please leave no stone unturned in asking your family, friends, neighbours and anyone else you can influence. The decision will be made next Thursday. We can win this election.

Yours sincerely,

Gay Mitchell, MEP

Why should you vote for Gay Mitchell?

Keep scrolling to see why you should vote for Gay!…

“My political conviction is informed by an ethos based on the four pillars of rights, responsibilities, enterprise and social justice. They are the values that have guided me for the last 32 years and will continue to guide me if elected President. They are the values that will help Ireland overcome some of our present economic and ethical difficulties and make us a country which others will again want to emulate, as they once did.

I want to return to a society based on principles; to a less harsh and a more merciful and forgiving society. There is something broken in our society and I believe that the ethos I am proposing has the potential to help us become, not just more ethical and happier, but really inclusive.

As President, I would put the welfare of our people at the heart of the Presidency, which can be a very powerful institution and can symbolise all that is good about our way of life. I would like to continue much of the practice of President McAleese by quietly working, often below the radar, to make our country a better place. I hope that by example, I can help others to start on a new journey in search of values that will take us through the iconic year of 2016 and beyond.”

What is the secret of Silicon Valley? And can we bring it to Ireland?

Facebook HQ, Palo Alto, Silicon Valley. In the lobby is a flat-screen TV showing a rotating digital globe. White beams bounce around it continuously from point to point, crossing oceans, linking continents. New friendships as they are made in real time between people’s Facebook pages all over the world. This is ground zero of the social media universe and it’s pretty damn cool.

In my suit shoes, trousers and shirt I am way overdressed. I don’t know how many millions of dollars the guy I’m meeting is worth, whether he’s five years younger or older, but I’m pretty sure, like everyone else I’ve met so far this week, he’ll be in Converse, jeans and a t-shirt. And he is.

He gives me a tour of their operation – all open plan, bikes against desks, graffiti on the walls. We grab a coconut water from one of the free-of-charge coffee docks and head out to the basketball court, where he likes to brainstorm with his team, he tells me. As it happens we’re the same age and so we get on quite well, chatting about everything from tech to politics to new sporting interests (it turns out we’ve both recently taken to a bit of climbing).

After about an hour we part company and I head down California Avenue in the sun, carrying a gift from my first actual Facebook friend. It’s a poster that confidently proclaims: “done is better than perfect”.

Facebook has surpassed Google in the ‘coolest place to work stakes’. The only thing cooler is to work for yourself in a hyped-up start-up, which Facebook and Google once were themselves. And of which there are many more out here.

So what is it about this place that young guys and girls can so casually stroll out of college and set up companies, industries even, that will come to dominate our known universe? Or set up rivals to destroy them?

Seriously. Hewlett Packard and Intel were born here, so was Apple. Does a day go by now where we don’t use either Google or Facebook? I use both more than I use my bike or my microwave.

I jump on the Caltrain with a bunch of Giants fans and on our hour long journey to San Francisco I toss the whole thing over in mind. I’ve been on Stanford campus, in the design school and tech transfer office; visited the hottest incubators like 500 Startups and Plug and Play Tech Centre; met with serial entrepreneurs and first-timers; and I’ve listened to the money men: Silicon Valley Bank and the various venture capital firms and angel investors that help make the whole place tick.

All I want to know is, what’s the secret and how do I get it back to Ireland?

I’m hoping the expats out here can help me and throughout the course of my week I make it my business to meet with Irish folk involved in every space, every corner of this tech-mecca: the clean tech pioneer, the guy who finished his leaving cert and got on a plane two days later to go set up a company in The Valley, the grad student who wants to take on and take down Facebook, the professor who’s helping students re-invent the way we interact with the world and the financial patriot helping fellow Irish entrepreneurs.

But they all tell me the same thing. That what I’m looking for cannot be bottled and checked on to a plane. It’s an attitude, an atmosphere. It’s cultural, historic even – one traces it back to the 1800s and the kinds of people who left their comfy homes and clean cities in the east to strike out here on their own in the unknown. The first American innovators.

It’s a nice, romantic way to look at the world but what it essentially reveals is the truth that Silicon Valley is unique, the perfect ecosystem. And perfection by its very nature cannot be copied: there can be no second silicon city.

And yet that doesn’t mean that we can’t create something good ourselves in Ireland, something different, something special (in the European context at least).

I think about this some more as I stroll from the train station back to my friend’s apartment, past the new building where Twitter is about to relocate. Another major outfit coming to Dublin to set up an international HQ.

Ireland is already special for the big established players coming in to Europe because of our low corporation tax rate, amongst other things. But establishment isn’t innovation, and one, albeit big, element does not a healthy ecosystem make. The kind of FDI we need to attract if we’re to be truly special – an investment of new capital, new people, new ideas: a new culture of enterprise – doesn’t care about corporation tax rates (not for the first couple of years anyhow).

A key question for me as a policy maker, and hence this trip is: what can the government do to attract and foster this new culture? It’s a question I ask cautiously though as sometimes it can be more a case of what shouldn’t the government do or how can government get out of the way. I mean imagine if some suited middle-aged official was in charge of Paddy Cosgrave’s incredibly successful websummit and founders series? It just wouldn’t work.   

One of the first things you learn when you step in to such an environment is that it can’t be created or fed by politicians or bureaucrats. As one person in Stanford said to me, “enterprise requires chaos”. And the genuine cultural element, the fail to succeed mentality that we don’t seem to have here, can’t be impregnated in our collective psyche with a law.

But politics, and politicians, can facilitate. And, of course, we’re not starting from scratch. There’s already a lot going on. But we need to do more to help properly seed an entrepreneurial, start-up environment, be it in Dublin, Galway, Cork or Kerry. And as I get chatting with our Irish abroad, so keen to give something back, if only an idea, I get to hear more.

Some are small changes, while others are more radical. Some can be initiated quite easily while others are longer term goals. But each is compelling and taken together could actually be the difference.

Telling someone that it’s ok to fail and having them believe it and go for it is one thing. But making it impossible for them to start back up again if they do, through regressive and punitive bankruptcy laws, undermines any possibility of a virtuous cycle through failure. We know this. And the government is moving on this. But not far enough in my opinion.

At the Dublin websummit in June a successful foreign entrepreneur was asked: how do you decide where to locate your company? His simple answer, “I go where the developers are”. Start-up internet companies need developers and we don’t have nearly enough. But imagine if we told young aspiring founders from abroad that we would pay 20-25% of their developers’ wages. They would flock here overnight and everyone else would come with them: more developers, designers, investors.  Quebec is doing just that at the moment in an attempt to become the gaming capital of the world and they’re flocking there in droves (86 new companies since the initiative started).  

 It might sound a tad radical and sure we don’t have the money to do this. But what if instead we said we wouldn’t charge them any income tax for the first year? Or PRSI? Hey, it’s just an idea, take it for a walk, think of something better.

 If we’re going to really become a creative, innovative place to work and live then we need to start thinking a bit more creatively in our policies too. And we can’t be afraid of failure. Some ideas will fail, it’s essential in fact that they do. But one thing is certain: if we keep just talking and hoping and writing reports on how to achieve the perfect start-up ecosystem for Dublin or wherever then we guarantee ourselves neither failure nor success. We won’t be special, we’ll be irrelevant. Forget perfection. It’s time to get doing.

A Week in Politics..

Every day, every week of a TD’s life is different. The weekday-weekend distinction is almost meaningless. It’s the sitting day-non sitting day distinction that gives us some structure.

How a TD fills their day when the Dáil is not sitting is up to them. There will always be some community event(s) on the weekend that it’s important to support. There will be phonecalls that is certain. And depending on what’s just happened or what’s to come there is invariably a few hours at least of paperwork. If you can fit this all in to one of those two days, great, day off. But you’re never really off.

As for non-sitting weekdays, generally speaking I use Monday to deal with constituency issues, plan the week ahead, and do some reading/writing. At the moment we’re also canvassing for Gay Mitchell in the evenings. Fridays are similar, though I will try and focus more on those things that require solid blocks of concentration (a new Bill for example). It’s also a good time to have meetings that require a bit more time.

But when the Dáil is sitting it’s always busy, hectic in fact, and this week was no different and I’ve tried to capture that below. What I haven’t included is those times when I have been summoned by bell to vote in the chamber, or all those 5-10 minute slots where my staff manage to grab me to make a phonecall, sign correspondence or deal with an email.

Tuesday

9am – meeting in Buswell’s Hotel to discuss an upcoming piece of legislation.

10am – cycle to Ranelagh office to interview potential new interns.

11.30am – breakfast in Hobarts and a quick read of the paper.

12.15pm – office to deal with some paper work.

1pm – cycle in to Dáil.

1.30pm – photocall with Gay Mitchell as he hands in nomination papers at Custom’s House.

2.15pm (and late) – meeting re LUAS interconnector in LH2000.

2.30pm – Dáil commences. I attend at 3.15pm for Leader’s Questions and the Order of Business. On the conclusion of Order of Business I meet with a couple of Ministers re various issues.

5pm – office for a bit of everything: correspondence, reading, constituency work.

6pm – dinner in canteen.

6.45pm – Diaspora Matters event in Shelbourne Hotel.

8.30pm – taxi out to O’Connells, Donnybrook for a local food event.

10pm – homeward bound and a chance to (finally) make some phonecalls.

Wednesday

8.30am – business breakfast in Dublin Chamber of Commerce.

10am – Dáil Chamber

10.30am – preparation for Public Accounts Committee (PAC).

12.30pm – cycle to Berkley Court to meet the new Chinese Ambassador at a reception.

1.15pm – return to Dáil. Correspondence and some reading and some food at my desk.

2.45pm – meeting with C&AG ahead of PAC tomorrow. HSE are coming in and I am second questioner.

4.30pm – meeting with Campaign for Nuclear Disarmament.

5.30pm – Parliamentary Party meeting.

7pm – Presentation on cigarette smuggling.

7.45pm – More PAC reading and a sandwich.

9.15pm – leave Dáil to meet a friend.

Thursday

8.30 – Arrive Dáil office. Prepare some work for later in the afternoon, final preparations for PAC.

10am – PAC.

12pm – meeting re use of depleted uranium shells in warfare.

12.30pm – Join Gay Mitchell campaign in Stephen’s Green. We’re meeting volunteer groups.

2pm – back to Dáil, but I miss meeting of Dublin TDs.

2.15pm – with Minister to discuss a constituency case.

2.45pm – Dáil chamber to discuss Tourism Bill – 5 minutes (I had put my name down on Tuesday, had been thinking about it in the back of my mind since, and found ten minutes somewhere to scribble down my thoughts).

3pm – meeting in a café re upcoming piece of legislation and have lunch.

4pm – meeting to discuss upcoming Bill that I have been working on directly.

5pm – office to work on questionnaire from journalist and some follow up on a high tech thing I’m involved with.

6pm – cycle to Ranelagh office for presidential campaign canvass.

8.15pm – cycle home for dinner.

10pm – phonecalls.

Google announces new 75m euro investment in energy-efficient, air-cooled data centre in Dublin

New project to provide more than 200 jobs for local and national construction firms, and up to 30 full-time and contractor jobs once operational.

30^th September 2011
Mr Richard Bruton, TD, Minister for Jobs, Enterprise and Innovation, today announced that Google has acquired 11 acres of land and an existing building on Dublin’s Profile Park and will soon begin construction work on a highly energy-efficient data centre.  A data centre is a specialised building full of computers that run online services such as the Google search engine, Gmail and Google Maps.

Once complete, the facility will rank amongst the most energy-efficient data centres in the world. Google will use advanced air-cooling technology that has been tested and perfected at Google’s existing rented datacenter facility in Dublin. This technology takes advantage of Ireland’s naturally cool climate and uses outside air to cool computers instead of costly and energy-hungry air-conditioning units.

Google will invest up to 75 million Euros in the acquisition, build and fit out of its new facility, and will provide work for over 200 people from local and national firms at the peak of the construction phase. The contractors have already been selected after taking part in a competitive bid process.

Once operational, the centre will employ up to 30 people in a variety of full-time and contractor roles, including computer technicians, electrical and mechanical engineers, and catering and security staff. The new data centre will be in addition to Google’s existing rented datacenter facility in Dublin, which will continue to operate. Google already employs over 2,000 people in Dublin, and last year also bought three major office buildings in central Dublin, including Dublin’s tallest commercial office building, Montevetro.

Minister Bruton said: “As I have said repeatedly, the global cloud computing industry offers Ireland a massive opportunity for jobs and economic growth. I am determined that government will act decisively to seize that opportunity, and that is why I have established a cross-government implementation group to ensure that prompt action occurs.”

He continued: “The decision by Google, one of the most important multinational companies in Ireland, to locate a state-of-the-art data centre in Dublin is an endorsement of our policies in this area, and a sign of what is possible if we continue our focus”.

“We’re very happy to continue investing in Ireland and to build out our presence here even further,” said John Herlihy, head of Google Ireland. “The new data centre will be one of the most energy-efficient in Google’s global fleet. This investment further strengthens our presence here, and I’d like to thank IDA Ireland for the assistance they gave us in selecting this site.”

3.1million in extra funding for small businesses to create 400 jobs – Perry

Need for additional funding shows start-up spirit alive and well in Ireland.

Minister for Small Business, John Perry TD, yesterday, Wednesday 28^th September, announced the provision of an additional €3.1million to the County and City Enterprise Boards directly to fund job creation projects in the remaining months of 2011. The additional funding is provided from savings elsewhere in the Minister’s Department, and is provided in response to specific requests from CEBs. The funding is additional to the €15million already provided to CEBs in 2011.

The Minister made the announcement to the Small Business Advisory Forum, which he chaired this morning.

Making the announcement, Minister Perry said:

“If we are to get out of this crisis, it is crucial that we strive in every way possible to encourage the start-up and expanding businesses that will create the jobs of the future. The County and City Enterprise Boards around the country have a key role to play in providing much-needed capital for these businesses. This year a number of CEBs have indicated that they would not have sufficient funding to respond to the needs of start-ups in their area, and so the Department sought to make savings in other areas to provide funding for these vital businesses.

“I am delighted to announce as a result that we will be providing an additional €3.1million for start-up and expanding businesses. This funding will go to the 28 CEBs which are experiencing additional demand for their services, and will directly fund projects that will create over 400 jobs around the country.

“It is very encouraging that 28 CEBs has sufficient demand from projects in their area to justify these requests, and this shows that the start-up spirit is alive and well in Ireland. The provision of this additional funding to support businesses is further evidence of the Government’s commitment to the small business sector, and ensures that resources are targeted at those CEBs where demand is greatest”.

Each CEB has also examined the funding it currently has available and whether it already has sufficient money to cover the projects coming to them seeking funding over the rest of the year.  Arising from this, 7 Boards concluded that they had sufficient funds available to them in 2011.

Weekly Message from An Taoiseach, Enda Kenny

The new Dail term is now underway after the summer break. On entering office, I pledged to lead a transparent Government and I will not sugar-coat the fact that there are challenges up ahead. I want to assure you now, however, that this Government has both the confidence and know how to deal with these challenges in the most effective way and in the most balanced manner possible.

I welcome the fact that the Greek Government has signalled that they are taking further actions to get their public finances in order and I anticipate that this issue will be high on the agenda of the meeting of Euro Area Finance Ministers that takes place at the weekend. In terms of Ireland’s bailout deal, we are firmly on track with our repayments and have met all requirements to date.

On Wednesday of this week, I met with Michael Dell, founder of Dell Computers Inc, a company which currently employs approximately 2,300 people here in Ireland. These jobs are based in Limerick and Cherrywood, Dublin. Michael filled me in on the progress of Dell’s first Cloud Centre of Excellence at Cherrywood which is set to create 89 highly skilled specialist programming and engineering jobs. Recruitment is currently underway for these positions, and those who are successful will be responsible for innovating the next generation of cloud computing architectures, application design and prototyping.

Also fact that there are challenges up ahead. I want to assure you now, however, that this Government has both the confidence and know how to deal with these challenges in the most effective way and in the most balanced manner possible.

I welcome the fact that the Greek Government has signalled that they are taking further actions to get their public finances in order and I anticipate that this issue will be high on the agenda of the meeting of Euro Area Finance Ministers that takes place at the weekend. In terms of Ireland’s bailout deal, we are firmly on track with our repayments and have met all requirements to date.

On Wednesday of this week, I met with Michael Dell, founder of Dell Computers Inc, a company which currently employs approximately 2,300 people here in Ireland. These jobs are based in Limerick and Cherrywood, Dublin. Michael filled me in on the progress of Dell’s first Cloud Centre of Excellence at Cherrywood which is set to create 89 highly skilled specialist programming and engineering jobs. Recruitment is currently underway for these positions, and those who are successful will be responsible for innovating the next generation of cloud computing architectures, application design and prototyping.

Also this week, I met Mr Kelly Martin, CEO of neuroscience-based biotechnology company Elan, who filled me in on the ongoing progress the company is making. Elan undertakes research, development, and commercial activities for neurodegenerative diseases such as Alzheimer’s disease and Parkinson’s disease and for autoimmune diseases such as multiple sclerosis, Crohn’s disease, ulcerative colitis and rheumatoid arthritis.

He mentioned in particular the ongoing clinical trials by the company aimed at helping those with Alzheimer’s and Crohn’s disease and also informed me that the company has several very promising drugs in its pipeline which they hope will ease the suffering of those affected by these often devastating diseases.

Both the Tánaiste and Minister Richard Bruton have visited Waterford in the wake of the recent Talk Talk job loss announcement and Minister Bruton has directed IDA Ireland to draw up a jobs action plan for the South East in light of the job losses. In addition, representatives from the Department of Social Protection, the Community Welfare Service, MABS and FÁS are to travel to the Talk Talk facility to deliver a series of joint information presentations to staff, conduct Q&A sessions and generally help them in any way possible.

Yesterday evening, I met with representatives of the board of the American Chamber of Commerce in the Shelbourne Hotel. The board has over 600 CEOs, many of whom are due to travel to Ireland in October for the Global Irish Economic Forum, which President Clinton is also scheduled to attend. I emphasized to them the value of Ireland’s 12.5% corporation tax rate as I know that this will be very important in terms of encouraging overseas business to our shores in the future. The 2nd Global Irish Economic forum takes place on 7 and 8 October and will involve some 280 delegates coming together to generate ideas to kick-start the Irish economy.

Today I am in the South East where I will open a new Irish language centre in Wexford before visiting the new Coca Cola plant in Wexford. I must say that the fact that a global brand in the league of Coca Cola has chosen to cement its base here in Ireland is very positive indeed and I hope and anticipate that this move will send a positive signal to other American multinationals – an unequivocal statement that Ireland is in no uncertain terms open for business. I also plan to pay a brief visit to the Enniscorthy Enterprise Centre which supports businesses startups and the upskilling of workers in Co. Wexford.

I would ask you all to support our Presidential candidate, Gay Mitchell MEP, by visiting his website at http://www.gaymitchell2011.com, liking his Facebook page at https://www.facebook.com/gaymitchell and following him on Twitter at http://twitter.com/#!/GayMitchell2011 where you can keep up to date with all the news

Winter Maintenance Grant

Minister Varadkar has increased the allocation to  Local Authorities in respect of the Winter Maintenance Grant from €10 million to €11.25 million to assist local authorities with winter maintenance and to keep important roads clear.

The extra €1.25 million, along with the direct purchase of some 60,000 tonnes of salt, was possible through savings in the Department. It means that local authorities will have access to some 60,000 tonnes of salt, on top of the supplies purchased separately by the National Roads Authority. The funding will help to cover the cost of purchasing, transporting, storing and spreading salt, and other works associated with extreme weather conditions.