The North's Industrial Development Board has been criticised by MPs in a report from the British Public Accounts Committee. They have called for a tightening up of procedures and cited one offer of assistance by the IDB as alarming. They also said many of the jobs promoted by the board failed to materialise.
The British government's spending watchdog said the standard of project appraisal by the IDB in a number of cases was "a matter of major concern". In one case, it offered £57 million sterling (€92.4 million) for a project after a study cast doubts on its viability.
The IDB was also criticised for not following up on improvements it said would be made; of providing "misleading information on the write-off costs" of a Newtownabbey textile project; and for failing to justify £61 million sterling funding to it.
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