I propose to take Questions Nos. 49 and 62 together.
Pobal is a not for profit company which was originally established by Government in 1992 as Area Development Management (ADM) Ltd. Charitable status was granted to the company by the Revenue Commissioners on the 20th November 1996. In 2005 ADM was re-named Pobal. In accordance with Section 40 of the Charities Act, 2009, Pobal was entered onto the Register of Charitable Organisations on 16 October 2014.
The basis for Pobal having charitable status is tied to the objects of the Company, which are specified in its Memorandum and Articles of Association. I am satisfied that Pobal is fully compliant with the relevant legislative requirements including those of the Charities Act, 2009.
Pobal is undertaking a review of its charitable status and in that regard has sought independent legal advice on the matter from Philip Lees and Associates. The review is at an advanced stage and a report will be presented to the Board of Pobal at their January meeting. The cost of the legal advice on the matter was approximately €10,500.
My Department has been kept informed by Pobal of progress on the review through our standing corporate governance and oversight arrangements. I expect that Pobal will also be sharing the outcome of the review with my Department once it has been considered by its Board.