Written Answers Nos. 1240-1265
1240. Deputy James Browne asked the Minister for Business, Enterprise and Innovation the way in which her Department plans to offset the impact of Brexit in County Wexford; and if she will make a statement on the matter. [33620/18]
Amharc ar fhreagraA key priority for my Department is building strong, resilient companies throughout Ireland with the capacity to provide sustainable employment and quality jobs. By helping companies to innovate and scale we prepare them to withstand the impact of Brexit and avail of any resulting opportunities. My Department, through the Local Enterprise Offices (LEOs) and Enterprise Ireland (EI), provides a range of supports to help strengthen companies in all regions.
The 31 LEOs nationwide have organised a range of events to assist their client companies prepare for challenges presented by Brexit. A range of measures are being put in place to supplement the existing LEO supports, including:
- Technical assistance support to help micro enterprises source new markets;
- A national Lean for Micro initiative to drive firm level competitiveness;
- Brexit-focused mentoring and training initiatives;
- Local level awareness raising and information sharing seminars and workshops about Brexit, including Regional Market Diversification Seminars, and cross-border business networking; and
- The provision of tailored mentoring by specialised mentor panels.
The LEO Competitive Fund approved €50,000 to LEOs in the South East (Carlow, Kilkenny, Tipperary, Waterford and Wexford) for a Growth Accelerator Pilot Programme which was run from March to November 2017. It was led and managed by LEO Wexford. The rationale for the programme was to fast-track the growth efforts of SMEs in these regions that are considered to have significant growth potential. Three clients of LEO Wexford completed the programme.
In 2017, the LEO Wexford supported 213 clients, representing 1,348 total jobs. This was a gross increase of 238 jobs compared to 2016.
Regarding EI, as of 2017, 4,670 people were employed in the 122 supported plants in Wexford. This is an increase of 117 on the previous year. In the period 2015-2017, EI paid €5.3 million to client companies in Wexford to help offset the impact of Brexit by innovating, improving competitiveness, and diversifying their global footprint. These are key actions businesses can take to help offset the impact of Brexit.
To build resilience to economic shocks, EI has introduced the following:
- Market Discovery Fund – Launched in January 2018, the Market Discovery Fund supports Enterprise Ireland clients research new markets for products and services. The fund is designed to help companies of all sizes to meet the key challenges of market research. There are three levels of funding available to companies: up to €35,000, up to €75,000 and up to €150,000.
- The Agile Innovation Fund – Launched in November 2017, the Agile Innovation Fund gives companies rapid fast-track access to innovation funding, and up to 50% in support for product, process or service development projects with a total cost of up to €300,000. The new measure has been introduced by Enterprise Ireland for companies to respond more quickly to market opportunities and challenges, including those posed by Brexit.
In addition, EI is undertaking a programme to promote companies’ awareness of, and level of preparedness to Brexit. This activity has included:
- Be Prepared Grant: Launched in June 2017, EI’s Be Prepared Grant supports the costs of SME clients in preparing a plan to mitigate risks and optimise opportunities arising from Brexit. This grant support, of up to €5,000, can be used to help cover consultancy, travel and out of pocket expenses associated with researching the direction of their Brexit action plan.
- The Act On Programme was launched in January 2018. This programme provides an independent consultant to companies for a course of two half day to assist them decide on specific actions over a short period to address some of the risks and opportunities from Brexit.
By supporting companies in Wexford to build resilience, innovate and diversify their exports, my Department and its agencies are enabling them to offset the impact of Brexit, and strengthen their businesses to succeed into the future.
1241. Deputy Micheál Martin asked the Minister for Business, Enterprise and Innovation the number and name of the groups she met each month to date in 2018 that fall under the Regulation of Lobbying Act 2015; and if she will make a statement on the matter. [33703/18]
Amharc ar fhreagraDetails of my meetings and appointments are available on my Department's website, www.dbei.gov.ie.
1242. Deputy Donnchadh Ó Laoghaire asked the Minister for Business, Enterprise and Innovation the estimated cost of increasing staff in the Office of the Director of Corporate Enforcement by 20%, 30%, 40% and 50%, respectively. [33748/18]
Amharc ar fhreagraThe 2018 Pay allocation for the ODCE, as determined through the annual Revised Estimates Volume (REV) processes at the end of 2017 is €3m.
The table gives an estimated cost of increasing staff in the ODCE by 20%, 30%, 40% and 50% respectively.
|
ODCE 2018 Pay allocation - € (M) |
% - Increase |
Estimated Cost - € (M) |
|
€3m |
20% |
€3.6m |
|
€3m |
30% |
€3.9m |
|
€3m |
40% |
€4.2m |
|
€3m |
50% |
€4.5m |
1243. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation if she will address matters raised in correspondence (details supplied) concerning operational issues at the Companies Registration Office; and if she will make a statement on the matter. [33814/18]
Amharc ar fhreagraSince 1 June 2017 it has been mandatory to file annual returns electronically. When the return has been filed, presenters have the option to certify the return electronically using a ROS signature or to print a signature page and forward it to the CRO. If a signature page is the method chosen, it is the responsibility of the presenter to ensure that the signature page is delivered to the CRO in sufficient time. The signature page may be delivered to the CRO office in person or by post. There is no requirement to send signature pages by registered post.
The CRO is currently implementing a new IT system which, when completed, will allow for signature pages to be uploaded and remove the requirement for them to be physically delivered to the office. It is expected that the new system will go live in the first half of 2019.
There is a wide entitlement to the audit exemption in Ireland. The Companies Act 2014 introduced a significant expansion of the scope of the audit exemption. Firstly, it changed the long-standing rule that a company must meet 3 thresholds to qualify as a small company and entitled to the audit exemption. A company is now considered small and, therefore, entitled to the audit exemption if it meets 2 of the 3 thresholds. Secondly, the 2014 Act extended the audit exemption to more types of company, such as companies limited by guarantee and group companies. Subsequently, the Companies (Accounting) Act 2017 raised the thresholds for a small company to the maximum allowed by EU law as set out in the table.
|
- |
Companies (Accounting) Act 2017 |
Companies Act 2014 |
|
Turnover does not exceed |
€12m |
€8.8m |
|
Balance sheet does not exceed |
€6m |
€4.4m |
|
Average number of employees does not exceed |
50 |
50 |
Therefore, the audit exemption is an important cost saving measure that is open to the majority of Irish registered companies.
However, the entitlement is not an unfettered right. It is given to companies that also have the privilege of limited liability. Therefore, it must be balanced against the rights of others, such as employees and suppliers, to have timely access to company financial information. This is why the entitlement to an audit exemption has been linked to the obligation to file the annual return and financial statements on time since 2003.
Companies can have up to 11 months to prepare and file their financial statements. The Companies (Accounting) Act 2017 further simplified and reduced the content of those financial statements for all small and micro sized companies. Furthermore, where a company loses its entitlement to the audit exemption the Companies (Statutory Audits) Bill 2017, which has now passed both Houses of the Oireachtas, introduces a new rule that removes the requirement to audit the late filed financial year and the following year and instead to require the audit of the financial year in train and the following year. These are practical solutions that will benefit all companies that must file financial information with the Companies Registration Office.
On the issue relating to the administrative restorations, I understand that since 1 September 2016 cheques have not been accepted as payment in respect of restoration applications. CRO publicized this in July 2016 in its Ezine and on the CRO website. The Administrative Restoration section on the CRO website clearly states as follows:
“Payment must be made by bank draft or postal money order. Payment by credit/debit card is accepted at the Public Office in Dublin. Cheques are no longer an accepted method of payment for restoration applications.”
From the details supplied by the Deputy, I note that while the cheque had to be returned, it is acknowledged that the Enforcement Unit of the CRO did make arrangements to facilitate the payment from the client account and thus ensured that the application for restoration could be received in the CRO by the deadline.
1244. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 1 of the International Financial Services 2020 strategy; the specific steps taken; the number of persons within IDA Ireland that have been dedicated to this action point; the number employed specifically to implement this action; the way in which this action has changed in view of Brexit; and if she will make a statement on the matter. [33934/18]
Amharc ar fhreagra1245. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 2 of the International Financial Services 2020 strategy; the specific steps taken; the number of persons within Enterprise Ireland that have been dedicated to this action point; the number employed specifically to implement this action; the way in which this action has changed in view of Brexit; and if she will make a statement on the matter. [33935/18]
Amharc ar fhreagra1246. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 4 of the International Financial Services 2020 strategy; the actions taken before Quarter 2 2015; the way in which this action has altered as a result of Brexit; the number of international conferences and events that were attended by high level officials each year; the number of international conferences and events that were attended by An Taoiseach, the Minister for Finance, by other Cabinet Ministers and by Ministers of State in each year; and if she will make a statement on the matter. [33937/18]
Amharc ar fhreagra1247. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the number of secondments established each year since 2015 in relation to action 6 of the International Financial Services 2020 strategy, by Department and State agency and by secondments here and overseas; and if she will make a statement on the matter. [33939/18]
Amharc ar fhreagra1248. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the representative of the International Financial Services industry on the Export Trade Council in relation to action 7 of the International Financial Services 2020 strategy; when this position was first filled under the International Financial Services 2020 strategy; the periods since the establishment of the International Financial Services 2020 strategy this position has been vacant; and if she will make a statement on the matter. [33940/18]
Amharc ar fhreagra1249. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation when the first International Financial Services summit was launched in relation to action 9 of the International Financial Services 2020 strategy; the number of International Financial Services summits held in each year since 2015; and if she will make a statement on the matter. [33942/18]
Amharc ar fhreagra1250. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation when the International Financial Services education and skills liaison group was first established in relation to action 10 of the International Financial Services 2020 strategy; the persons that sit on the group; the number of times the group has met each year since 2015; the specific undertakings the group has undertaken since 2015; and if she will make a statement on the matter. [33943/18]
Amharc ar fhreagra1251. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation when the first training and future skills needs assessment was published in relation to action 11 of the International Financial Services 2020 strategy; the number of assessments published or brought to her attention in each year since 2015; and if she will make a statement on the matter. [33944/18]
Amharc ar fhreagra1252. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the specific changes made to the Finuas network since 2015 in relation to action 12 of the International Financial Services 2020 strategy; the way in which this has been changed as a result of Brexit; and if she will make a statement on the matter. [33945/18]
Amharc ar fhreagra1253. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the steps the International Financial Services education and skills liaison group has taken to raise the profile of International Financial Services career opportunities in relation to action 13 of the International Financial Services 2020 strategy; and if she will make a statement on the matter. [33946/18]
Amharc ar fhreagra1254. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 14 of the International Financial Services 2020 strategy; the way in which the critical skills list for employment permits has been altered since 2015; if this has changed since the Brexit result; and if she will make a statement on the matter. [33947/18]
Amharc ar fhreagra1255. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 15 of the International Financial Services 2020 strategy; if a single website portal has been established to attract international information and communications technology talent; the number of visits this portal has received in each year since its creation; and if she will make a statement on the matter. [33948/18]
Amharc ar fhreagra1256. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 16 of the International Financial Services 2020 strategy; the outcomes achieved under this action point; her plans for the future under this action point; and if she will make a statement on the matter. [33949/18]
Amharc ar fhreagra1257. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 17 of the International Financial Services 2020 strategy; the number of times Dublin City Council as the Strategic Development Zone development agency, the National Asset Management Agency, IDA Ireland and Enterprise Ireland have met since 2015 in relation to this action point; the specific outcomes reached under this action point; and if she will make a statement on the matter. [33950/18]
Amharc ar fhreagra1258. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 21 of the International Financial Services 2020 strategy; the number of companies that have engaged each year by technology centre, gateway and strategic research cluster; and if she will make a statement on the matter. [33954/18]
Amharc ar fhreagra1259. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 22 of the International Financial Services 2020 strategy; the specific undertakings implemented to increase research, development and innovation within existing firms; and if she will make a statement on the matter. [33955/18]
Amharc ar fhreagra1260. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 23 of the International Financial Services 2020 strategy; the specific undertakings implemented to enhance International Financial Services ICT sectoral collaboration; and if she will make a statement on the matter. [33956/18]
Amharc ar fhreagra1261. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 24 of the International Financial Services 2020 strategy; the specific domestic or international sources of finance identified for fintech companies; the specific undertakings implemented in order to enhance funding mechanisms for fintech start-ups; and if she will make a statement on the matter. [33957/18]
Amharc ar fhreagra1262. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 25 of the International Financial Services 2020 strategy; the specific outcomes that have come from this action point; and if she will make a statement on the matter. [33958/18]
Amharc ar fhreagra1263. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 26 of the International Financial Services 2020 strategy; if an indigenous funds services cluster has been set-up; and if she will make a statement on the matter. [33959/18]
Amharc ar fhreagra1264. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 27 of the International Financial Services 2020 strategy; if a payments forum has been established; the persons that sit on the forum; the number of times it has met since 2015; if a sectoral strategy paper has been developed; if that paper has been changed due to the Brexit result; and if she will make a statement on the matter. [33960/18]
Amharc ar fhreagra1265. Deputy Michael McGrath asked the Minister for Business, Enterprise and Innovation the status of action 28 of the International Financial Services 2020 strategy; when this high level group was set-up; the persons that sit on the group; the number of times the group has met each year since 2015; the specific outcomes from the group that have occurred which have enhanced the capabilities of the business process outsourcing cluster; and if she will make a statement on the matter. [33961/18]
Amharc ar fhreagraI propose to take Questions Nos. 1244 to 1265, inclusive, together.
In March 2015, the Government launched the ‘International Financial Services 2020 Strategy’ (IFS2020), which is led by Minister of State Michael D’Arcy TD. One of the main deliverables is to create 10,000 net new jobs across the Enterprise Ireland and IDA Ireland portfolios in international financial services over five years from 2015 – 2020. To end-2017 approximately 7,000 net new jobs were created in the sector, placing us on target to create 10,000 net new jobs by 2020. The IFS sector now employs almost 42,000 people across Ireland with 30% of those employed in the sector located outside Dublin.
The initial Strategy document launched in 2015 set out five strategic priorities with 30 specific actions.
This strategy document is available on the Department of Finance’s website at the following link: http://www.finance.gov.ie/wp-content/uploads/2017/05/IFS2020.pdf.
The five strategic priorities were:
Strategic Priority 1: Promote Ireland as a location for International Financial Services and world class innovative products and services
Strategic Priority 2: Drive continuous improvement in the operating environment and competitiveness of Ireland's IFS sector
Strategic Priority 3: Drive Research, Innovation and Entrepreneurship in the IFS sector, with a particular focus on financial technology and governance, risk and compliance.
Strategic Priority 4: Develop job-creation opportunities from emerging IFS sub-sectors and new markets
Strategic Priority 5: Data and Benchmarking of Progress
As mentioned earlier, the initial strategy document also laid out 30 specific actions, the status of each of these actions is detailed in the quarterly progress reports published throughout 2015.
The progress reports for Quarters 2, 3 and 4 of 2015 can be found at the following links:
https://www.finance.gov.ie/wp-content/uploads/2017/05/IFS2020-Progress-Report-Q2-2015_0.pdf.
https://www.finance.gov.ie/wp-content/uploads/2017/05/IFS2020-Progress-Report-Q3-2015_FINAL.pdf.
https://www.finance.gov.ie/wp-content/uploads/2017/05/IFS2020-Q4-Progress-Report-2015.pdf.
These progress reports contain much of the information requested in the questions.
On occasion, measures are delayed from one quarter to the next, but generally are completed within the annual period. In instances where actions were not completed within the annual period, they were revised or recast for inclusion in the following year’s Action Plan. To date, all measures for 2015, 2016 and 2017 have been implemented and measures for 2018 remain on track for completion by end-2018.
The IFS2020 Strategy is reviewed and updated annually through the development of annual action plans. Three further action plans (2016, 2017 and 2018) have been published since the initial strategy (and 2015 Action Plan) document, and in total 159 actions have been identified. These annual reviews and the creation of action plans on an annual basis means that the Strategy has an in-built dynamism, allowing it to react to changing conditions within the sector, including changes in the international, technological and regulatory environments. For example, the central theme of the 2017 Action Plan was the planned exit of the UK from the EU.
Action Plans since 2015 can be found at the following links:
https://www.finance.gov.ie/wp-content/uploads/2017/05/IFS2020-Action-Plan-2016_0.pdf.
https://www.finance.gov.ie/wp-content/uploads/2017/05/IFS2020-Action-Plan-2017.pdf.
https://www.finance.gov.ie/wp-content/uploads/2018/01/180130-IFS2020-Action-Plan-2018.pdf.
Quarterly progress reports track the progress of measures within the IFS2020 Action Plans and are published on the Department of Finance’s website. The latest quarter 1 of 2018 progress report is available at the following link:
http://www.finance.gov.ie/wp-content/uploads/2018/05/IFS2020-Q1-2018-Progress-Report.pdf.
The Quarterly Progress Reports for Quarters 2, 3 and 4 of 2015 provide information on the status of the Actions in the original plan. However, it has not been possible to gather the updated information requested on the current status of each of these original Actions within the required timeframe.
I have asked my officials to liaise with the relevant lead Departments and Agencies in order to gather and collate this additional information and I will send it on to the Deputy in due course.
