Conor Lenihan (Dublin South West, Fianna Fail)

I assure the Deputy that encouraging increased venture capital funding is one of the Government's main objectives. That is why the innovation task force, of which I and the Taoiseach are members, is tasked primarily with examining this issue in the context of our announcement under the smart economy framework initiative to create a €500 million innovation fund. The task force is expected to report to the Government before mid-March on the best approach to take in terms of securing venture capital funding. It is important to note that Ireland is not alone on this issue; governments throughout the European Union are experiencing difficulties in enticing United States venture capitalists to invest their money on this side of the Atlantic. It is an issue that is vexing Ministers throughout Europe.

It is important to emphasise that while Enterprise Ireland's funds are small, they are also vital.

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