Dáil Éireann Debate, Thursday - 18 October 2012
154. Deputy Peadar Tóibín asked the Minister for Jobs, Enterprise and Innovation if he will detail the information requested by the Industrial Development Agency as part of the monitoring progress for financial assistance from client companies. [45476/12]
View answerWhen approving financial assistance for a company, IDA Ireland, which is a statutory body, enters into a legal and binding contract with that company. The contract, which is confidential between IDA Ireland and the company, includes conditions and milestones with which the company is required to comply before any financial assistance is paid. In order to draw down grants, a company must meet the performance targets as set out in the contract. IDA Ireland pays grants pro rata with achieved performance. Companies sign a grant agreement in full knowledge that the penalty for non-performance is pro rata repayment of the grant. In cases where companies have not achieved the agreed performance target or, in the event of a company closure, IDA Ireland will seek to recover the grants paid.
