In response to a parliamentary question I raised yesterday evening in the Dail, Minister Varadkar announced an allocation of €5 million for the Gathering. The Gathering will be the biggest tourism initiative ever staged in Ireland and will involve a year-long programme of festivals, events and gatherings throughout the country, aimed at attracting foreign visitors.
I think the Gathering is a good initiative from the Government and is a great opportunity for the Country. It may well prove a significant injection in to the economy in what will be an important year in terms of the bailout programme.
The plans from the Minister announced today, including the allocation of €5 million in funding, are a real statement of intent. St Patrick’s week of this year will be when we announce our plans to the world and this will guarantee maximum impact as all eyes will be on Ireland.
The Gathering will be overseen by a Project Board which will bring together representatives from the tourism bodies and from the Department of Transport, Tourism and Sport along with other members with relevant expertise.
The Project Board will be supported by an executive team drawn from tourism agencies and graduates through the JobsBridge scheme. A Council of Champions will offer further assistance by acting as forum to engage the wider community at home and abroad.
It’s very positive that the Minister has made provisions for graduates through the JobsBridge scheme to play a central role in the implementation of the Gathering. Tourism is a key part of the plan to keep Ireland on the road to economic recovery because it involves the domestic economy and job creation throughout the country. By engaging with communities and members of the public, the Gathering provides a way for everybody to make a valuable contribution.
Yesterday the Government published the Finance Bill 2012. The Bill gives effect to the taxation measures announced in last December’s Budget. The Bill has left Income Tax untouched and, as promised in the Programmes for Government, there is an increase in the rate of Mortgage Interest Relief which has risen to 30% for first time-time buyers who purchased homes between 2004-2008 (which should benefit 270,000 purchasers). Another key commitment sees an increase in the Universal Social Charge exemption threshold from €4,004 to €10,036 which will benefit 330,000 workers.
It also includes a number of measures that I think are particularly good, including:
These include:
Also:
The measures above involve one key area of the economy.
A full copy of the Bill can be found on the Oireacthas website at: http://www.oireachtas.ie/documents/bills28/bills/2012/0512/b0512d.pdf
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DUBLIN CITY COUNCIL |
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CURRENT SCHEME ALLOCATIONS 2012
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| Project Name | Project Description | 2012 Allocation (€) | ||
| Fade Street Pedestrian Scheme. | Completion of improvement works to pedestrian space along Fade Street. Part of City Centre cell – Grafton- George’s Street. | €50,000 | ||
| Cycle counting Systems. | Development of automatic counting system to provide necessary data on numbers of pedestrians and cyclists as well as information on time of use etc to enable appropriate planning for pedestrians and cyclists. | €30,000 | ||
| Cycle Parking. | Provision of extra cycle parking at various locations to meet the large increase in demand brought about by increasing cyclist numbers across the city. | €75,000 | ||
| Cycling Network Design. | Finalise layout of key cycling network for Dublin city area identifying key commuter and leisure routes. | €50,000 | ||
| Royal Canal Premium Cycle Route Phase 2 – Sheriff to North Strand Road. | Finalisation of the design of a leisure, tourist and commuter cycle track to link from the northern end of the current route (at the junction of Guild Street and Sheriff Street) to North Strand Road. | €80,000 | ||
| Royal Canal Premium Cycle Route Phase 3 – North Strand to Road to Phibsborough Road. | Design of a leisure, tourist and commuter cycle track along the Royal Canal, from North Strand Road to Phibsboro Road. | €80,000 | ||
| Liffey Cycle Route. | Design and commencement of construction of high quality East-West city centre cycle route linking the IFSC in the east with Heuston Station and the Phoenix Park in the west. | €150,000 | ||
| 30km/h treatment. | Further treatments for the city centre low speed zone to raise awareness and help to reduce speeds based on 2011 experience at 3 locations. | €75,000 | ||
| Expansion of dublinbikes Scheme. | Finalisation of the design of an expansion of “dublinbikes” eastwards and westwards. Finalisation of commercial arrangements to facilitate expansion. Commencment of implementation work. | €500,000 | ||
| Merrion Gates Level Crossing Closure Scheme. | Progression of the design for a road link to facilitate the closure of the Merrion Gates level crossing. | €100,000 | ||
| S2S Cycle/Walkway Scheme – Bull Road to Causeway Road. | Detailed design and commencement of construction of the “missing link” between Bull Road and Causeway Road (in Clontarf) along the northern section of the S2S (Sutton to Sandycove) cycle and walking route. | €300,000 | ||
30 January, 2012
The Minister for Education and Skills, Ruairí Quinn TD, together with Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today launched the Joint Government – Industry ICT Action Plan: Meeting the High Level ICT Skills Needs of Enterprise in Ireland
Launching the Action Plan, Minister Quinn said that “Providing the right skills at the right time for the right jobs is absolutely essential if we are to get the Irish economy back on its feet.
“We need to take action to develop a sustainable domestic supply of high level ICT skills over time to drive the further expansion and development of the sector and to support innovation and growth across other sectors of the economy.
“I’m very pleased to announce today that more than 750 places are being made available on 17 new graduate skills conversion programmes across the country. People can apply for a place today, through the Bluebrick website, for courses commencing in March.
“Particpation on the programmes will be fully subsidised by my Department; no fees will be charged.” the Minister said.
The Action Plan also sets out how we are going to build the supply and quality of graduates in the medium term to long term. It establishes an ambitious target of doubling the annual output of ICT graduates from 1,000 this year to 2,000 by 2018.
Minister Richard Bruton added, “”The Government’s plan to get jobs and growth back into the country will have no ‘big bang’ solution, but will require transformation across all sectors and a brick-by-brick rebuilding of the economy. A key part of this will be to get the greatest possible benefit out of the strengths we have, and the ICT sector, where there are over 1000 vacancies and great potential for future growth, provides a major opportunity for employment if we can provide the necessary skills.
“The government is determined to train more people to take up these jobs, and today we are committing a series of ambitious targets, including doubling the number of graduates in this area by 2018. With proper implementation this will make a major contribution to getting the country back to work”.
Speaking at the launch, Regina Moran, Chair of ICT Ireland, said: “The technology industry is a significant area of growth in Ireland and is a crucial sector for economic prosperity. All of the top 10 global technology companies have a major presence here and importantly we have a powerful indigenous software sector. With 80 jobs a week being announced since the beginning of 2011, the sector offers fantastic career opportunities in a variety of fields.
“In order to meet the skills demand of this growing sector, industry and government have combined forces to develop the education action plan launched today. This plan addresses the need for skilled graduates and employees through a number of long and short term measures and policy initiatives. Industry is fully supportive of this plan and indeed has played an integral part in its development. The plan sends a strong signal to the global business community that Ireland will remain a powerhouse for technology.”
Peter O’Neill, President of the American Chamber of Commerce Ireland said that the publication of today’s ICT Action Plan was an important initiative which will be brought to fruition by government, industry and academia collaborating to address this area of real opportunity for Ireland.
“Increasingly, the availability of skills is a key driver in foreign direct investment decisions and Ireland’s young, skilled and flexible talent pool has been a strong attraction for multinational companies locating here. There is a real opportunity for us to build on that reputation so that Ireland can continue to attract investment and grow both exports and employment. ICT technology platforms and capabilities underpin all sectors of the economy – public services, transport, digital media, medical technologies, advanced manufacturing, logistics and trade, as well financial services.
“We have to implement the full range of short, medium and longer term actions outlined in this plan to ensure that we deliver the next generation of graduates with the skills that are required to match the fast paced changes in technology and ICT”, he said.
A key action contained in the Plan is the development of a High Level ICT Foresight Group. This Group is being chaired by John Hennessy of the HEA, and is having its first meeting today. The Group’s members are key industry and higher education decision makers and they will work on ICT and electronic engineering programme development.
The 2004 Dublin Coastal Flood Risk Assessment Study (DCFRAS) identified the lower Dodder as one of several coastal locations at high risk of coastal flooding. A report to reduce flood risk from both tidal and fluvial on the tidal section of the Lower Dodder events was completed in January 2007 by Dublin City Council (DCC) with funding from the Office of Public Works (OPW). Following discussions with the Council, OPW agreed to undertake construction of the works directly with Dublin City Council project managing the project and the design. These works commenced in September 2007 at Ringsend Bridge moving upstream to Newbridge. The works have been undertaken on a phased basis by OPW. Works are currently ongoing between New Bridge and Lansdowne Railway Bridge. This will complete the final phase of the coastal risk reduction measures.
The following Programme, compiled by Dublin City Council, sets out the schematic timeframe of the current works and the possible timeframe for future works ( Note that the staffing of the city Council Flood defence team has reduced significantly since 2008 and may well reduce further post February 2012 which could compromise programme if not addressed).
Marian College & Lansdowne Road
Construction works are currently being carried out from Newbridge to Lansdowne Rail Bridge.
The key elements of these works are:
The works on the opposite bank on Lansdowne Road are currently at detailed design stage and are programmed to be constructed in 2012.
Emergency Works
Dublin City Council has identified the following key elements as emergency works arising from the recent flooding in October 2011. Further discussion will be required between DCC and OPW in relation to the programming of the following list of works and possible inclusion under Minor Works Programme.
Londonbridge / Newbridge – Bridge parapet raising
These works consist of raising the existing parapet walls to the design flood levels. They will require approval of Dublin City Council under Planning & Development Acts 2000-2006, Planning & Development Regulations 2001-2006 Part 8 procedures.
Phases upstream of tidal section covered by Dodder CFRAM Study
The Dodder Catchment-based Flood Risk Assessment Management (CFRAM) Study, currently being undertaken, has identified a number of flood defence measures required between the Lansdowne railway bridge and Donnybrook. These outline proposals contained in the CFRAMS require detailed design and further environmental assessment.
Arup consultancy services have commenced working for Dublin City Council to carry out all site investigation, environmental requirements, and draft planning permissions by September 2012 on works Phases from the railway bridge to Smurfit weirs which involve reconstruction or structural strengthening of existing flood defences and these may be considered as emergency works to align with adoption of Dodder CFRAMS by the three relevant councils.
The Environmental Impact Statement for these phases of flood defence works is programmed to be completed by Q.1 of 2013 and submitted to An Bord Pleanala. Construction timescales will be determined by An Bord Pleanala approvals at which stage more definite construction schedules can be advised.
Dublin Flood Initiative
The Dublin Flood Initiative, created by Dublin City after 2002 floods, manages risk from the main flood risks comprising:
The above Dodder works will address the Coastal and River flooding risk. Coastal flooding risk of the seafront at Sandymount was considered as part of S2S scheme and an assessment will be carried out in 2012 of the potential for local improvement works in advance of S2S project.
The Dams at Bohernabreena, on the upstream catchment of the River Dodder, were strengthened in 2004 to deal with calculated extreme events.
Pluvial modelling carried out as part of EU INTERREG Project Flood Resilient Cities is due for completion in Q2 2012. It will map the risk and identify guidance on flood resilience for new development and existing development including over 16,000 basements at high risk in the City. The River Dodder Catchment in the City is included in this study.
Financial Expenditure
OPW anticipates its annual expenditure on the River Dodder to be between €1M and €2M over the next four years and has profiled accordingly.
Astro high tides over the above period are forecast to be highest tomorrow, Wednesday 25th January at 12.44pm. This is forecast to reach a level of 2.27m Malin (4.78 mLAT), is just below the 2.3m Malin Tidewatch level, also below the 2.5m Tide Alert and 2.7m Severe Tide Alert levels.
In view of the high tide prediction, the three tide gates from London Bridge Road up to Newbridge Avenue will be closed. In addition to this, the Merrion Gates barrier and the two barriers at the Aviva Stadium and Derrynane Gardens and will also be erected.
This is merely a precaution and an opportunity for DCC Crews to gain expertise in the operation of the barriers and the Tidal Flood defence gates. The Drainage & Waste Water Services Department will be carrying out the various works set out above from 9am tomorrow morning.
For more information, please contact the South East Area Office in Dublin City Council on 01 222 5139.
Seven months ago I put proposals to the Minister for a new Enterprise and Investment Visa scheme, which he was already working on. Great to see it now being introduced. Details below.
24 January, 2012
The Minister for Justice, Equality & Defence, Mr. Alan Shatter, TD, today
announced that he had secured Government approval for the introduction of
two major new immigration initiatives aimed at facilitating (non EEA)
migrant entrepreneurs and investors who, in return for permission to reside
in the State, are prepared to invest here for the purpose of saving or
creating jobs.
The new initiatives will be known as;
§ The Immigrant Investor Programme
§ The Start-up Entrepreneur Programme
Announcing the programmes the Minister said “I am grateful for the support
of my Cabinet colleagues in devising these important initiatives. All of us
in our different Departments are committed to doing what we can to help
Ireland’s economic recovery and this represents a further instalment in my
Department’s efforts in this respect, following on from the Visa Waiver
Programme introduced last year”.
The Immigrant Investor Programme:
Approved participants in the Investor Programmes and their immediate family
members will be allowed enter the State on multi-entry visas and to remain
here for a defined period. Ordinarily this will be for a period of 5 years
- reviewable after 2 years. The sort of investments envisaged will include
a specially created low interest Government Bond, capital investment in an
Irish business – which may need it for the protection or creation of jobs,
or in some cases the purchase of property – including that held by NAMA.
Endowments in the cultural, sporting educational or health areas will also
be considered.
The level and duration of financial commitment required from the Investor
will depend on the nature of the investment but will generally range from
€400,000 for endowment-related investments to €2 million in the new
Immigrant Investor low-interest bearing Government Bond to be devised by
NTMA in conjunction with the Immigration authorities. The funds in this
Bond will be held by NTMA and, as is the case with other similar financial
products, they will be available for the benefit of Ireland.
The level of investment in business entities where jobs are being created
or saved will generally be €1 million and the Department will be guided by
and reliant upon the advice and expertise of IDA Ireland and Enterprise
Ireland in assessing individual proposals.
The Start-up Entrepreneur Programme:
Turning to the Start-up Entrepreneur Programme, the Minister said “We need
to do more to tap into the entrepreneurial potential that exists among
migrants”. The Department of Justice has operated a business permission
scheme for a number of years, but the conditions were considered to be too
onerous. The Minister continued, “Our existing business permission lacked
the sort of flexibility needed to attract start-ups. We have been looking
at this issue for a while and have had very useful input from State
Agencies and other Government Departments in drawing up the proposals”.
The Start-up Entrepreneur Programme provides that migrants with a good
business idea in the innovation economy and funding of €70k can be given
residency in this State for the purposes of developing their business (this
compares with a previous minimum funding requirement of €300k). No initial
job creation targets will be set as it is recognised that such businesses
can take some time to get off the ground. Projects will be evaluated by an
Evaluation Committee with State Agencies playing a key role in “picking
winners” or those who demonstrate a good idea or the potential to be a
winner.
All applications for both programmes will be considered by an Evaluation
Committee comprised of representatives of IDA Ireland, Enterprise Ireland,
the following Government Departments; Finance; Jobs, Enterprise and
Innovation; Foreign Affairs and Trade; Health; other Government Departments
as the need arises and the Minister’s own Department of Justice. The input
of the State Agencies and other Government Departments – bringing with them
their economic expertise – will be crucial in deciding which applications
are recommended for approval. Applicants must be of good character and be
able to support themselves while in Ireland. Applicants will be required to
attest to their bona fides on affidavit sworn here. False, misleading or
incomplete information submitted can lead to removal from the State as well
as revocation of the immigration permissions. An Annual Report will be
published on the operation of the Programmes and they will also be reviewed
to ensure that they continue to meet their objectives. The Programmes
offer no special access to Irish citizenship. Beneficiaries will be
subject to the same rules as other migrants in that regard – i.e. generally
residence in the State for at least 5 years.
Minister Shatter stated “These two initiatives are about protecting
existing jobs and creating new opportunities. Ireland clearly needs
investment and there is considerable potential out there. However we don’t
have the field to ourselves. We are in competition with other countries
who are already operating in this space”. This was a reference to the
existence of investor schemes in the US, UK, Canada, Australia and New
Zealand amongst others.
Next Steps
Formal rules and official launch
The Minister indicated that he hoped to have the new schemes formally
launched by mid March when the detailed rules governing the Programmes
which are being worked upon by officials in the Department of Justice will
be published. He said no new legislation is required as the pre-existing
legislative powers of Ministerial discretion are sufficient to enable the
programmes to operate in a flexible manner.
The Minister was not prepared to offer a projection as regards the likely
uptake. “I am not going to make any predictions on this”, he said. “it
would be unwise to do so in any case. We are in new territory so let’s
wait and see. The relevant State Agencies fully support these initiatives;
they are about jobs – whether creating new opportunities or saving existing
jobs and my Department looks forward to working closely with them in a
positive “Team Ireland” approach in operating these Programmes”
Minister Shatter concluded “Immigration systems are often associated with
border control but that is only one part of the picture. Immigration
systems can assist in job creation and we need to think of migrants not
just as workers but as people who can create employment for others”.
ENDS
Notes for Editors
Immigration Scheme for Investors and Entrepreneurs
Background:
The current ‘business permission’ scheme for migrant investors, requires
the applicant to have a minimum of €300,000 to invest in an Irish business
project. The investment must create at least two full time jobs for EEA
nationals in a new project or maintain employment levels in an existing
business. This scheme has been in place for some time and is largely
inadequate for the purposes of (i) attracting high potential innovation
start-ups or for (ii) tapping into the potential pool of international
investors.
To avail of the potential opportunities for attracting job creating
investments into Ireland, the Government have approved two new immigration
schemes.
Start-up Entrepreneur Programme:
This entrepreneurial start up scheme recognises the need to foster start-up
enterprises in priority innovation sectors of the economy. The existing
business permission scheme is insufficient to support such business
proposals and a more flexible approach has been developed in consultation
with Enterprise Ireland, who have extensive experience of such schemes in
other jurisdictions.
To qualify an applicant must –
§ Have some form of financial backing of not less that €75,000 through
business angels, venture capital providers or a financial institution
regulated by the Financial Regulator. Personal funding transferred to
the State or a grant from a relevant State agency would also be
acceptable.
§ The business proposal must have a strong innovation component.
§ The applicant must not be a drain on public funds.
Immigrant Investor Programme
The investor scheme is designed to attract individuals with a successful
background in business to invest in and relocate to the State. A range of
investment options are provided for with different thresholds applied
depending on the nature of the investment;
§ A once off endowment of a minimum of €500,000 to a public project
benefiting the arts, sports, health or education.
§ A minimum €1,000,000 investment in a low interest immigrant investor
bond. The investment is to be held for a minimum of five years. The
details of the investment will be finalised with the National Treasury
Management Agency in the coming weeks. The bond will be offered
exclusively to participants in this scheme and will not be tradable on
any market.
§ A minimum €1,000,000 venture capital funding into an Irish business for
a minimum of three years. An investment into an Irish publicly quoted
company could be considered but the investment level would have to be
much higher.
§ A minimum €1,000,000 mixed investment in 50% property and 50% in
Government securities. Special consideration could be given to those
purchasing property, in the State, which have been enforced by NAMA. In
such cases a single €1m investment in property might be sufficient.
Evaluation of Applications:
Applications will be on a prescribed form and will be accompanied by a fee
to offset the administrative costs of the schemes. Admission to both
schemes will be subject to the approval of an Evaluation Committee composed
of suitably qualified and experienced people from relevant State Agencies
or elsewhere.
The Evaluation Committee will be formed from senior management
representatives from the Departments of Justice and Equality, Finance,
Foreign Affairs and Trade, Jobs, Enterprise & Innovation as well as
Enterprise Ireland and the IDA. A suitable qualified independent member
will also be appointed.
The first order of business for the Committee will be the adoption of a
code of practice for the operation of the schemes. The code will be
published and will articulate the integrity and transparency of the
evaluation process.
All communication between the Committee and applicants for the schemes will
be directed to the applicant or their nominated legal or financial
representative. No other third party or agency communications will be
accepted or considered.
The Evaluation Committee will co-opt expertise from relevant Government
Departments or State Agencies where the nature of the investment proposal
requires such input.
Immigration Permissions:
Successful applicants will be granted a residence permission for two years
which will be renewable thereafter provided the business is still
operational and the applicant is earning a living without being a burden on
the State.
No employment requirement will exist for the first two years and neither
will the business be required to be profitable at renewal stage.
Family reunification will be permitted for spouse/partner and children
provided that family needs are met from the resources of the
entrepreneur/investor or other private means. No access to State benefits
will be permitted during this period.
Naturalisation options
The two schemes offer interested parties the potential for residence in the
State and not Irish Citizenship. Successful applicants will only be able
to apply for naturalisation under the terms of the Irish Nationality and
Citizenship Acts 1956-2004, in the same way and under the same conditions
as all other non-Irish nationals.
Minister for Public and Commuter Transport, Alan Kelly, together with the National Transport Authority has launched the new integrated transport ticket for Dublin.
From today, the ‘Leap’ card goes for public sale with commuters in the greater Dublin area now being able to switch between Bus, Luas, Dart and Rail services with one ticket. Public transport users will be able to purchase and top up their Leap Card at more than 350 authorised Leap Card agents (Payzone) across Dublin and online at www.leapcard.ie .
The news follows the successful public testing of the card with over 15,000 journeys completed with the new Leap card.
Launching the card, Minister Kelly, said: “The Leap Card will be among the cheapest ways to get around Dublin. It will make using public transport more attractive and make it easier to get around the city. Our testing phase produced over 15,000 successful journeys. This represents huge progress for commuters and it has been one of my biggest priorities since taking office,”
“A commitment was given in the Programme for Government to advance this project as quickly as possible and I’m delighted to have delivered on this. I have taken an active and participative interest in this project with the various transport companies and agencies since taking up my role so I am delighted to see it off the ground.
Today is only the first day of the first phase. It will be gradually built upon and developed throughout 2012 where additional functionalities will be added to include Bus Eireann services, some private bus operators, children tickets, rambler, Travel 90 and student cards.
It is worth noting that over 17 launches of London’s Oyster card took place before it will fully operational. So while we have lift-off today, there is still huge work to be done and that will continue between the National Transport Authority and myself as Minister.”
The Leap Card offers passengers value and convenience with every transaction. It is easy to use and is hassle-free because it doesn’t require public transport users to have the correct change or lots of coins to hand. It’s also quicker with no more queuing at ticket machines for single tickets on Luas, DART and Commuter Rail Services. It’s safer because public transport users can top up online and can report their card lost or stolen so that no one else can use it. With Dublin Bus, Luas, DART and Commuter Rail Services all being on board, public transport users can travel around Dublin as it suits them, without having to buy a specific ticket in advance.
Using Leap Cards to travel by Luas is up to 17% cheaper than purchasing single tickets from ticket machines, travelling by DART and Commuter Rail using Leap is up to 19% cheaper than purchasing singles from ticket machines, while the same fares as cash apply on Dublin Bus until January 2012 when a discount of 9% will come into play, following the rise in cash fares. Commuters and travellers are urged to buy their Leap Cards now, to be ready to take advantage of these differentials as soon as they come into effect.
Public transport users who currently hold pre-paid tickets including annual and monthly tickets on Dublin Bus, Luas and DART and Commuter Rail services can be assured that their cards will continue to work as normal, alongside the new Leap Card, until well into 2012.
“Today represents a very important day for commuters in the Greater Dublin Area and I would like to thank the National Transport Authority and the Railway Procurement Agency for their commitment and diligence in this project along with Dublin Bus, Irish Rail, Bus Eireann, HP and Payzone for bringing it to this stage” concluded Minister Kelly.
For detailed information on fares and other aspects of Leap Card, please visit www.leapcard.ie
Minister announces first investments under AIB Start-Up Accelerator Fund
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today (Monday 21st November) announced the first five investments by the AIB Start-Up Accelerator Fund, managed by ACT Venture Capital and established early in the term of this Government as part of the banking recapitalisation mandate. 92 jobs will be created in the coming 12 months in five high-growth Irish companies in key sectors as part of the investment. The companies in which the Fund has made investments of €2million include:
The Fund contains a total of €22million, of which €20million was contributed by AIB in the context of the bank recapitalisation mandate, and €2million was contributed by Enterprise Ireland. It is one of four specialist Seed Capital Funds, totalling €124million, formed as part of the bank mandate. Investment is by way of an equity stake in the company by the Fund.
The investments made by the new Fund will focus on developing high-growth, export-oriented companies in emerging sectors such as Digital Media, Internet, Software, CleanTech and Medical Devices. The €2million invested by the Fund as part of today’s announcement comes as part of total fundraising of €5million by the five companies.
Making the announcement today, Minister Bruton said:
“If we are to turn this country around and create a new economy which can support the levels of employment we need, central to that will be dynamic Irish companies. That is why a key part of the Government’s jobs plan is to target policies at sectors where Irish companies have the capacity to break into export markets and grow quickly to create jobs. ICT, financial services and life sciences are sectors where Ireland has a long record of success in attracting multinational companies, but the challenge now is to convert that into success also for Irish companies.
“Today’s announcement is evidence that this plan is starting to succeed. This Fund is one of a series of measures the Government is putting in place to ensure that these companies have access to credit at all stages of their development. My aim is that, with the right policies in place, companies like these can succeed, grow, and create the large numbers of jobs we so badly need”.
John Flynn, Managing Director of ACT Venture Capital, said the Fund had experienced a very high level of activity in its first six months of operation and that he expects the current investment pace to continue. ‘This helps to position Ireland as one of Europe’s most active locations for seed funding and will create a strong pipeline of expansion companies and funding opportunities over the coming years’, said Mr Flynn who added that ‘ACT is particularly keen to partner with entrepreneurs where we can exploit our international network to help them expand’.
Brendan O’Connor, Head Of Commercial Banking, AIB Bank said:
“The Fund is an important element of AIB’s seed capital capability and the Bank now has facilitated the creation of €75m in funding making it the largest seed capital provider in the country. With today’s announcement, it means AIB is facilitating, on average, one new investment per month in equity capital for fast growth and high potential Irish owned businesses, supporting the creation of new jobs across the country’.
The Minister for Social Protection, Joan Burton T.D, and the Minister for the Environment Phil Hogan TD today (8th November 2011) announced that the Government has agreed to set up a Humanitarian Assistance Scheme with an allocation of up to €10 million to provide means-tested financial support to people who have suffered damage to their homes as a result of the recent flooding.
The Government has also established a cross-Departmental/Agency Working Group, chaired by the Department of the Environment, Community and Local Government, to oversee the State’s collective response to those affected by the flooding.
The working Group* will identify any gaps that may exist within existing services to address the consequences of the flooding for individuals, families and communities. If additional services are required, including humanitarian assistance, the Group will report to Government with proposals to address these issues.
Minister Burton said: “I have been to visit many of the families who have suffered from the flooding and I have seen first hand the damage to some people’s homes.’’
Minister Hogan said: “I welcome the establishment of this Group which will work in a speedy and focused way to ensure that those who require the assistance of the State following the severe flooding of 24 October get it. It will build on the enormous work already done on the ground by Community Welfare Officers, the Irish Red Cross, Local Authorities and others.’’
Minister Burton said: “The Government recognises the devastation suffered by many families arising from these floods. Staff from the Department of Social Protection (former Community Welfare Officers) have already made house to house calls to individuals they have identified as being vulnerable at this difficult time. In addition, emergency clinics have been established in the worst affected areas to offer help to households. Payments are currently being made to families who need urgent financial assistance with basics such as food, clothing and bedding. This funding will continue to be disbursed to individuals and families as required.
The main details of the Humanitarian Assistance Fund are as follows:
“I am conscious that for some families it could be weeks if not months before the damage to their homes is fully apparent. I would like to reassure families that this humanitarian assistance scheme will be there for them in the months ahead,’’ Minister Burton concluded.
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