Vol. 442 No. 6
31 Proinsias De Rossa asked the Minister for Tourism and Trade the total amount paid out under the Market Development Fund that operated between October 1992 and March 1993; the number of firms which benefited; the average amount received by each firm; the number of employees in respect of whom subsidies were paid; if his Department has undertaken any assessment of the effectiveness of the fund; and if he will make a statement on the matter.
The Market Development Fund was established to provide temporary support to companies in order to maintain employment and to help companies to remain in business while adjusting to the new market conditions during the exchange rate turmoil of late 1992. A review of the scheme has indicated that the fund has succeeded in meeting its objectives. Through the operation of the fund, 704 companies, employing 33,753 people, received assistance to cope with the difficulties caused by the currency pressures. The total assistance paid out from the fund amounted to IR£26,941,985. Only four of the 704 supported companies went out of business during the six-month period that the scheme was in operation. In addition, employment numbers in the supported companies have been virtually maintained at the level originally approved. The evidence from the companies themselves confirmed that assistance from the fund made the difference between shedding labour or maintaining employment, between closing down or staying in business.
