Ms Barbara Nolan:

I will start by addressing the questions raised by the Chairman. What we are discussing is at the proposal stage. This is a proposal from the Commission regarding member state participation in the fund, which we would like to see happening because it will leverage more funding for investment. The Commission has said in its proposal that it would like to see that funding be treated in a certain way and not as part of the stability and growth pack calculations. The matter is under discussion. I understand COSAC holds a different view. Member states are making their views known at various meeting in Brussels preparing the ground for the summit meeting of the European Council which will take place later this month.
The proposal will be discussed by the Heads of State and Government on 18 and 19 December. We have to see if that is accepted and it is why the European Commission is backing it. We feel we can leverage more funding if we treat it as productive investment from the member states.
I did calculate the multiplier. It has been said that a ratio of 1:15 is a conservative estimate of what can be leveraged from the initial capital. As I have said, this has been developed not only by the Commission but with the European Investment Bank, which has a great deal more experience in how much one can leverage in terms of crowd-in in investment on the basis of the initial outlay. The EIB has models that say the ratio is 1:18, but we have gone for the conservative estimate on the basis of historical experience. The ratio may turn out to be much better than 1:15 but it may turn out to be worse. Who knows? We have to see what happens. The data have been feed into the system and this is what has come out the other end.
On the issue of the share-out of the cake to the geographical regions, as I said there is no a priori earmarking for member states or for specific sectors. It is done on the basis of the viability of the projects. Every member state will be trying to go through its list of the projects in the pipeline to try to ensure that the project it submits will have a genuine chance of crowding in investment. There will not be 100% funding of one individual unless we can attract extra private sector and public sector investment.

That is the reality. The projects will stand or fall on their merits in this regard and on whether they are meeting the criteria I explained in my opening remarks. I would say it is in the interests of every member state to put forward its best and most viable projects. I am sure Ireland is working on that right now. Maybe it has already submitted some projects. That is the way we expect things to pan out.

I was asked what is meant by "better regulation". One of the innovations of the new Commission is that Commissioners will no longer simply be able to put something on the Commission agenda and have it adopted. The Commission now has a Vice-President, Mr. Timmermans, who is there to act as a guardian in that regard.