Minister for Arts, Heritage, Gaeltacht and the Islands Launches New Irish Film Fund at Cannes Film Festival
Cannes, 10th May 2001, The Minister for Arts, Heritage, Gaeltacht and the Islands, Síle de Valera T.D., today launched the Irish Film Board’s new €6.35 million Company Development Initiative to support Irish film production, at the Cannes Film Festival.
The Irish Film Board’s Company Development Initiative is designed to provide Irish film producers with the ability to compete internationally, to attract the talent and finance required to make commercially viable films, that will in turn allow them build up equity in their companies.
The Irish Film Board has established the Company Development Initiative in partnership with Anglo Irish Bank and it will provide a fund of up to €6.35m to finance a slate of projects and support strategic company growth for up to five production companies. Over a three year period the Irish Film Board will provide up to €3.175m, Anglo Irish Bank will provide up to €1.9m with the companies required to raise the balance of €1.27m.
The selection panel for applicant companies, will be comprised of Irish Film Board executive and Board members, Anglo Irish Bank nominees and external industry experts. The key selection criteria for companies will include: track record of the principals in applicant companies, the quality and commercial potential of the proposed slate of projects and the credibility of the business plan. The Irish Film Board expects to announce the selected companies to be funded by the Company Development Initiative by October 2001.
Speaking at the launch, Mr. Rod Stoneman, Irish Film Board Chief Executive, stated “The film industry in Ireland has reached a level of development that allows us introduce such an ambitious measure at this time. We are confident that this Company Development Initiative will encourage the industry to consolidate the successes of the past decade while positioning itself to take advantage of the exciting opportunities, that undoubtedly exist in the market internationally today and in the future”.
He continued: ” This initiative is a challenge to Irish producers to grasp the opportunity now presented to them, we want to consider applications from any producer, large or small, who has a vision and a determination to realise their ambition”.
Mr.Ossie Kilkenny, Chairman of the Irish Film Board, stated, ” This partnership with the banking sector is the first initiative of the Irish Film Board that specifically sets out to assist Irish production companies to grow and develop their business and capability. The participation by Anglo Irish Bank in this funding programme is crucial to the success of this initiative and we believe their involvement will greatly strengthen and enhance the commercial focus of the operations of the selected companies”.
Whilst this initiative will enable leading companies to consolidate and expand, the Irish Film Board will continue to work with newer companies and those who prefer to engage on a single project basis. The funding of single project development will continue to be the Board’s primary focus both in terms of manpower and financial resources.
Expenditure on film development in Ireland has increased dramatically from €510K in 1998 to €1.65m in 2000.
Further information is available from the Irish Film Board (www.filmboard.ie)
