Mr. Conor O'Kelly:

An 18-month review of the overall mandate is currently under way and it is measuring success against the mandate and how that is going. We are talking to the Department of Finance about that as well. Our bias is not to spend money unless the projects meet the requirements of the fund. If we do not spend the money, for us, it is still an asset in the State, the cash is sitting there and on the balance sheet. A worse mistake for the strategic investment fund to make would be to spend the money on projects that were not going to be successful, did not meet the investment criteria and from which we were unlikely to get our money back. It is not grant money, this is investment money and we are looking to get that money back and to get a return on it, so that it can be recycled again. If we have a bias it is that if the money is not invested and the projects are not there, then we should not invest it.