Ms Regina Breheny:

No, it is not that. It is just that the system has not evolved to a sufficient extent. It also adds a layer of cost, but that cost would be justified if it brought about the result one needed. It just has not evolved that way. Also, for prudential reasons, the private sector has largely backed away. Somebody needs to bring the private sector back to the table with a proposal for that kind of mechanism. Individual venture capital funds and bodies such as ours are too small to have been able to promote and market a process like that.