The Industrial Development Act, 1993 provides for the creation of three new autonomous bodies — Forfás, Forbairt and IDA Ireland. Each body has a distinct mission and goals. However, all three agencies will operate within a framework which facilitates co-operation and mutual support.
The Industrial Development Act, 1993 was enacted on 6 July 1993. Subsequent to the passing of the legislation, I established interim boards for the new bodies to begin to consider the various policy and logistical issues which need to be finalised before the new bodies can be formally established. These boards are operating in parallel with the existing IDA Authority and board and with the board of Eolas, thus ensuring that the needs of industry are fully addressed during the transitional period. In due course I intend that the interim boards will become the boards of the new bodies.
The Chief Executive Designate of IDA Ireland has now been nominated and an acting chief executive has been put in place for Forfás. The selection process for the Chief Executive of Forbairt is progressing.
A "blueprint" setting out the respective roles and responsibilities of the three bodies has been circulated to the relevant agency personnel, boards members and trade union representatives.