I propose to take Questions Nos. 317 to 319, inclusive, together.
The Enterprise Stabilisation Fund (ESF) was established by Government to support viable but vulnerable exporting companies who were experiencing difficulties due to the economic crisis which started in 2008. €100m was allocated to the fund to the end of 2010. Client companies of Enterprise Ireland, IDA, Údarás na Gaeltachta and Shannon Development across all sectors within manufacturing and internationally traded services were eligible to apply. The fund was administered by Enterprise Ireland.
Funding was in the form of preference shares, supporting a range of activities including market development, productivity improvements, cost reduction and product development.
Analysis of the scheme indicated that, as of March 2017, EI approved €80.4m under the ESF and paid out €80.018m. As of March 2017, €22.5m has been redeemed to date from companies that were legally in a position to do so. (A company must have distributable reserves to be in a position, legally, to repay the State.) Redemption of the shares will continue to be sought over the coming period as companies are in a position to do so.
However, €15.72m invested in ESF companies cannot be redeemed as the companies have been dissolved, liquidated or gone into receivership.
The objective of the ESF was to retain jobs and ensure the continued survival and growth of these Enterprise Ireland client companies. In total, 9,500 jobs were supported under the ESF.
The ESF was targeted at viable but vulnerable exporting companies. The ESF was a non-Competitive Fund and the average level of support was €374,000.