The original value of the LEADER element of the Rural Development Programme 2007 - 2013 was €427 million. In late 2011, the European Commission offered Member States that were part of the Financial Stabilisation Mechanism an opportunity to avail of an increased co-financing rate from 55% up to 85%. The increased rate was to apply to 2012 and 2013 expenditure only. This reduced the Programme value to approximately €370 million and was based on the co-financing rate returning to 55% for 2014 and 2015. In December 2013, the European Commission revised their position and allowed Member States to continue to avail of the increased co-financing rate of 85% for 2014 and 2015. That had the effect of reducing the official EU Programme complement to approximately €317 million. Up to 20% of the Programme compliment can be spent on administration with the remaining 80% on animation and projects. Although the official Programme complement has been reduced, due to the more beneficial co-financing rate, my Department will honour all valid contractual obligations.
Overall expenditure under the Programme to 25 November 2014 is €315.2 million, of which €75.5 million has been paid in 2014. That expenditure includes €242.8 million for projects, €11.8 million for animation expenses and €60.6 million for administration.