'Bord Snip should tackle job-creation agencies' - National News, Frontpage - Independent.ie
"Enterprise Ireland, the state agency whose role is to foster job creation, spends €100m on pay and administration -- and a modest €56m on grants to business."
While we discuss the merits of other quangos this seems daft in the extreme!
Wages cost almost twice the alleged advantage!
Time for a rethink and a proper and comprehensive audit and a cost benefit analysis!!
Behind every great man is a woman rolling her eyes.
Jim Carrey.
Hear that? That's the sound of nobody surprised...
Every one sees what you appear to be, few really know what you are, and those few dare not oppose themselves to the opinion of the many, who have the majesty of the state to defend them.
- [SIZE=2]Niccolò Machiavelli[/SIZE]
Originally Posted by Bobert
Yeah! didn't mean to sound outraged or owt.....but jobs for jobs sake! sounds like a classic Bowie track!
Behind every great man is a woman rolling her eyes.
Jim Carrey.
wheres the surprise here ?
Fas had increased their budget to 2bn at a time of 4% unemployment.
If your looking for efficiencies, go elsewhere
I believe that children are the future
Unless we stop them now.
While that's still the wrong way round for the spending, and by quite a margin, the point of the capital that Enterprise Ireland makes available is that it is usually seed capital. It's not simply a case of €56m of spending = €56m of jobs/business created
Never let the best be the enemy of the good.
the 56e million in grants is hardly what it creates.
What does the Irish President spend their time doing. Work in progress
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Indeed - and take a look at say the cost of administration for example general insurance:
So in above examples 74% of motor insurance premium went on claims payout- cost of administration was 26%. For home insurance the cost of administration was 45%.London Independent
It defines this ratio as the number of claims paid out by the lender, expressed as a percentage of the premiums paid by consumers.
the ratio for motor insurance is 74 per cent, and for home insurance 55 per cent.
I picked insurance as it an example of where a very competitive market drives down the cost of administration[SIZE=1]*[/SIZE]
So Enterprise Ireland cost per se isn't unreasonable, though we could still argue that the €56 million is being spent in the wrong place.Fine Gael Enterprise Spokesman Leo Varadkar did not however make this argument ... as that would have involved complicated research & hard work to dig to the bottom of.
cYp
[SIZE=1]* you might say well surely business loans would be a better analogy[/SIZE] ..[SIZE=1]. but business loan cost is more opaque & frankly as we are now seeing more risky to price
[/SIZE]
"Yawn , am I alive yet ?"
The thread title doesn't really make sense.
A) Enterprise Ireland doesn't create value through grants, it creates value through wage, tax and profit generation.
B) Enterprise Ireland don't just hand out grants. They provide marketing support among a myriad of other activities.
I'm sure there are inefficiencies at EI the same as any other quango but this thread is a bit over the top. This is one quango that we need now more than ever.
Last edited by HanleyS; 17th March 2009 at 03:18 AM.
I added 3 words above
cYp
"Yawn , am I alive yet ?"
Criticism - the downside of random quango attack threads.
Never let the best be the enemy of the good.
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