asked the Minister for Industry, Commerce and Energy the action he intends to take to safeguard public moneys invested in private enterprise companies, in the aftermath of the recent closures of major firms.

Having regard to my particular responsibilities I take it that the term "public moneys invested in private enterprise companies" is intended to relate to the provision of grant assistance by either the Industrial Development Authority or the Shannon Free Airport Development Company Limited.

All proposals for grant assistance are subject to rigorous examination as to the long-term commercial viability and benefit to the State of the particular project. In addition, grants made by the Industrial Development Authority are normally protected by a requirement that the promoting company invest at least as much in the project by way of equity capital, and the grants are repayable in the event of the recipient company effecting a closure of the grant-assisted under-taking within ten years of the date of the grant agreement. These measures, though they cannot eliminate the possibility of closures, go as far as is possible towards minimising the risk of loss of State funds in such a situation.

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