Following the enactment of the Industrial Development (Enterprise Ireland) Act, 1998 by the Oireachtas, Enterprise Ireland was established by Order on 23 July 1998. Under the Act certain powers are conferred on me as Minister, some of which require the concurrence of the Minister for Finance. These powers include the appointment of the board of directors, excluding the chief executive officer, the remuneration, if any, and the conditions attaching to these appointments, the terms and conditions of the staff of the agency, the removal of the board of directors, the issuing of policy directives and the payment of moneys provided by the Oireachtas to the agency. The Act also imposes a responsibility on me, to have, inter alia, laid before each House of the Oireachtas, in accordance with the legislation, the annual report and accounts of the agency.
As Minister for Enterprise, Trade and Employment I have responsibility for developing policy for the indigenous sector. That policy is in place and is implemented by Enterprise Ireland through a wide range of financial and other supports to promote enterprise, trade and development. These supports which include employment, marketing, technology and training grants and the provision of equity, help its client companies develop a sustainable competitive advantage leading to profitable sales, exports and employment. The execution of policy and the provision of supports is a day to day statutory function for the agency.
Significant progress has taken place since the agency was established as follows: a new three year business plan was agreed by the board in December 1998; new decision making structures for the agency's funding programmes have been established and are operational; the top level management team has been appointed and the new top level organisation structures have been put in place. I am pleased to say that 1998 was another good year for Irish owned business with sales up 10 per cent to almost £19 billion, exports up 12 per cent to £8.1 billion and over 12,500 new jobs created.