2.— (1) In this Act—

“Act of 1963” means the Companies Act 1963;

“Fund” has the meaning assigned to it by section 4;

“material interest” shall be construed in accordance with section 2(3) of the Ethics in Public Office Act 1995;

“microenterprise” shall be construed in accordance with subsection (2);

“Minister” means the Minister for Jobs, Enterprise and Innovation;

F1[‘promotional financial institution’ means—

(a) the Strategic Banking Corporation of Ireland, or

(b) any other national promotional bank or institution, other than the Social Finance Foundation, within the meaning of Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No. 1291/2013 and (EU) No. 1316/2013 - the European Fund for Strategic Investments;¹

“Social Finance Foundation” means the company of that name formed and registered under the Companies Acts on 25 January 2007;

“subsidiary” has the meaning assigned to it by section 11.

(2) For the purposes of this Act, a person is a microenterprise if—

(a) the person is established in the State and employs fewer than 10 persons (calculated in accordance with Commission Recommendation (2003/361/EC) of 6 May 2003 ¹ concerning the definition of micro, small and medium-sized enterprises) whether or not in the State, and

(b) the person’s—

(i) annual turnover does not exceed €2 million (calculated in accordance with the said Commission Recommendation) whether or not earned in, or derived from activities carried on, in the State,

(ii) estimated annual turnover (in circumstances where the person has been carrying on business for less than 12 months) in the year concerned does not exceed €2 million (calculated in accordance with the said Commission Recommendation) whether or not estimated to be earned, or derived from activities carried on, in the State, or

(iii) annual balance sheet total does not exceed €2 million (calculated in accordance with the said Commission Recommendation).