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The Assembly is to close the NI Events Company following the announcement of a £1.2m deficit incurred by the non-departmental public body.
In a statement to the Assembly Edwin Poots MLA, Minister of Culture, Arts and Leisure has stated "In the process of winding-up the Company in an orderly manner early consideration will be given as to how the events function will be delivered in the future. It is my intention to ensure that the transition from the current model to whatever new arrangements are put in place is managed in a manner that secures the continuity of attracting and hosting major events in Northern Ireland."
The NIEC is treated as a non-departmental public body and has largely been dependent on financial support from its sponsor department – DCAL. Grant-in-aid is paid by DCAL to the Company on the terms of an approved annual business plan. The Company is run by a group of non executive directors (unpaid) appointed by the Department.
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Northern Ireland Council for Voluntary Action is registered as a company limited by guarantee in Northern Ireland (No 1792) and is registered as a charity for tax purposes with the Inland Revenue