Tuesday, 17 July 2012

Questions (211)

Willie O'Dea

Question:

215 Deputy Willie O’Dea asked the Minister for Jobs, Enterprise and Innovation the reasons Enterprise Ireland invested in the Pilot Training College in view of what has now transpired. [34358/12]

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Written answers (Question to Minister for Jobs, Enterprise and Innovation)

Enterprise Ireland approved funding support in the form of repayable preference shares to the company in 2009, which was drawn down in 2010. The funding was provided as a contribution to the capital requirements of the company, to help it grow its business through increased exports as well as to sustain and create employment in Ireland. It was approved at a time when many viable Irish companies with robust business models were experiencing difficulties in accessing finance as a result of the economic environment. The support was approved following a comprehensive due diligence process, which included a detailed examination of the company's accounts and business plans at that time.