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Amendment of Act of 1995
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38. The Act of 1995 is amended by substituting the following section for section 6:
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“Power of Agencies to invest in certain bodies
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6. (1) Subject to this section, IDA or Enterprise Ireland, or both of them, may invest or make a loan out of moneys at the disposal of IDA or Enterprise Ireland, or both of them, as the case may be, in or to a body to which this section applies.
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(2) IDA and Enterprise Ireland shall invest or make a loan under subsection (1) in accordance with—
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(a) a scheme drawn up by IDA or Enterprise Ireland, or both, and approved by the Minister and the Minister for Public Expenditure and Reform, and
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(b) such directions as may be given by the Minister from time to time.
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(3) A scheme referred to in paragraph (a) of subsection (2) shall specify the financial limits of, and such other terms and conditions governing the making of, any investments or loans under subsection (1).
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(4) The Minister shall designate IDA or Enterprise Ireland, or both of them, to administer a scheme approved under subsection (2).
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(5) A copy of a scheme referred to in paragraph (a) of subsection (2) shall be laid before each House of the Oireachtas as soon as may be after the scheme is approved in accordance with that paragraph.
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(6) A scheme referred to in paragraph (a) of subsection (2) may be amended or revoked by a subsequent scheme drawn up and approved in accordance with that paragraph.
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(7) The reference in subsection (1) to moneys at the disposal of IDA or Enterprise Ireland or both of them includes a reference to moneys arising from the administration of schemes, grants or other financial facilities involving the disbursement of European Union Funds.
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(8) This section applies to a body which is a body corporate, partnership or other body which is established for the purpose of investing in industry in the State, or a particular sector of industry in the State, and which administers, or proposes to administer, an investment fund or funds for that purpose.
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(9) IDA and Enterprise Ireland shall include full details of all investments and loans made by them or either of them under this section in their annual report.”.
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