Brian Cowen (Laois-Offaly, Fianna Fail)

As the Deputy will know, that announcement was in respect of a very direct change in policy by the ESB to promote sustainable energy initiatives to help build more sustainable energy projects in Ireland over a period of years. It was not suggested that 3,900 jobs would be created over night, but the company indicated it was committed. It made the commitment in terms of investment and over a period of years it believes it will create that number of jobs. That is its policy and it is implementing it. A more detailed reply from the Minister for Communications, Energy and Natural Resources will elicit what progress has been made on it.

With regard to the other point made by the Deputy, the NTMA - because of its position in terms of dealing with funds and with this area generally - is assisting the relevant Departments in designing and market-testing a fund to attract the interest of venture capitalists. This work must be done although success in the outcome is not guaranteed. One must go out and do it and see what can be achieved. Other countries - including Israel, which set up what is known as the Yozma fund - have been successful in this regard. This does not guarantee success for us, but we are in the process of providing such a fund because we believe that in addition to traditional areas of finance for companies in the start-up phase, venture capital can provide the pump-priming necessary to commercialise an idea or concept and ensure it has a sustainable future. It is not the case in every enterprise but there are some for which that is the case.

The fund will supplement State provision. The State is already investing directly in seed capital funding and providing equity to start-up companies through the Enterprise Ireland programmes. The question is how we can develop a private-sector venture capital fund which is independent of the taxpayer but supports national objectives.

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