Committee of Public Accounts to examine 2021 Financial Statements of Enterprise Ireland

The meeting at 9.30am in Committee Room 3 of Leinster House will be joined by the Comptroller and Auditor General, Seamus McCarthy, representatives from Enterprise Ireland led by Chairman Terence O’Rourke and CEO Leo Clancy, and officials from the Department of Enterprise, Trade and Employment.

During the afternoon session, beginning at 1.30pm, the Committee will consider correspondence and other business of the Committee.

PAC Cathaoirleach Deputy Brian Stanley said: “Enterprise Ireland is the State body responsible for the economic development and growth of Irish enterprises in world markets. It works in partnership with Irish companies to help them start, grow, innovate, and win export sales in global markets. It also aims to support sustainable economic growth, regional development, and secure employment.

“The Committee is interested in examining the funding of the Local Employment Offices (LEOs) which operate in each of the 31 local authorities and deliver a range of grant supports and development functions to the micro-enterprise sector on behalf of Enterprise Ireland. In 2021, LEOs cost Enterprise Ireland €60m to operate, including over €24m in direct financial assistance approved for nearly 1,100 business projects.

The key performance targets met by LEOs in 2021, were that 7,440 new jobs were created by LEO-backed client companies, resulting in a net gain of 2,999 jobs. Over 35,700 people were employed by nearly 7,160 small businesses and start-ups that had received financial assistance from the LEOs by the end of 2021.

“Other areas of interest include Seed and Venture Capital Funds advanced by Enterprise Ireland to assist companies to expand and develop new activities or introduce innovations or new technologies, investments which are written off when supported businesses fail, and Enterprise Ireland’s strategies to support regional job growth. The Committee looks forward to discussing these and related matters with Mr O’Rourke and Mr Clancy, who is the accountable person to PAC.”

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

PAC is a standing committee of Dáil Éireann which focuses on ensuring public services are run efficiently and achieve value for money. Further information on the role and remit of the Committee can be found here.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.