Vol. 505 No. 4
91 Mr. Naughten asked the Minister for Agriculture and Food if the Western Development Commission Investment Fund requires EU Commission approval; if so, if the Government has sought this approval; and when the fund will be approved. [14044/99]
The western investment fund will provide assistance in various forms. Assistance, as defined in the Western Development Commission Act, 1998, includes investment in an enterprise or project by the purchase of shares, the provision of loans or other financial aid, the provision of advisory or consultancy services, or of training for persons employed in it and joint ventures with others in it, but does not include the grant of money.
Aid, irrespective of its form, is prima facie State aid once it is funded by the Exchequer. I hope to have clarified this week whether a formal notification to the European Commission is necessary. In that event, the notification will be submitted without delay. In the normal course, the Commission has two months to give a decision.
I refer the Deputy to the reply to a related question, Parliamentary Question No. 24 of 25 May 1999.
