Brian Cowen (Laois-Offaly, Fianna Fail)

The issue of donations is being proceeded with in the context of overall electoral reform. The smart economy document is far from being a white elephant. About 34 recommendations have been completed and 68 are being implemented at the moment. Work is ongoing with other recommendations. It is not correct to say that no action is being taken on the smart economy document.

The issue of investment funds arose during Leaders' Questions a few weeks ago, when I explained the situation. The NTMA personnel have come back from the US, having spoken to venture capitalists there. They listened intently to what those venture capitalists had to say and they are examining the type of model that can be brought forward that will attract the sort of commitment from venture capitalists that is necessary to assist and drive an innovation fund. Their work is continuing and I had a meeting with them a few weeks ago.

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