1. In this Act, relevant Minister means the Minister for Business, Enterprise and Innovation or the Minister for Agriculture, Food and the Marine.
One or both relevant Ministers may, with the consent of the Minister for Finance and the Minister for Public Expenditure and Reform, enter into one or more agreements (each of which is in, this section, referred to as an agreement) with the EIF for the purpose of facilitating access to finance for qualifying enterprises.
Subject to subsection (3), an agreement shall be subject to such conditions as may be specified in the agreement and may include a condition that a relevant Minister who is a party to the agreement shall provide a contribution committed for the purposes of the agreement concerned.
A relevant Minister shall not exercise the powers conferred on him or her by subsection (1) in such manner as would result in the aggregate of the liability in respect of contributions committed under all agreements for the time being in force exceeding 75 million.
A relevant Minister who is a party to an agreement shall discharge any fees, costs and expenses payable under the agreement.
In this section
branch has the same meaning as it has in Commission Regulation (EU) 651/2014 of 17 June 201411 OJ No. L187, 26.6.2014, p. 1 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty, and includes an establishment within the meaning of that Regulation;
Commission Recommendation means Commission Recommendation (2003/361/EC) of 6 May 200322 OJ No. L124, 20.5.2003, p. 36 concerning the definition of micro, small and medium-sized enterprises;
contribution committed means the amount of funding committed by a relevant Minister to the EIF under an agreement;
EIF means the body established in 1994 and known as the European Investment Fund;
qualifying enterprise means
an SME established, or with a branch, in the State, or
a small mid-cap established, or with a branch, in the State;
small mid-cap means an enterprise within the meaning of Article 1 of Title I of the Annex of the Commission Recommendation which
has not more than 499 employees calculated in accordance with Articles 3, 4, 5 and 6 of Title I of the Annex of the Commission Recommendation, and
is not an SME;
SME means a micro, small or medium-sized enterprise within the meaning of the Commission Recommendation.
3. The relevant Ministers shall, not later than 4 years after the commencement of this section, carry out a review of the operation of this Act.
4. The expenses incurred by the relevant Ministers in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Public Expenditure and Reform, be paid out of monies provided by the Oireachtas.
This Act may be cited as the European Investment Fund Agreement Act 2018.
This Act shall come into operation on such day or days as the Minister for Business, Enterprise and Innovation may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.