Joan Burton (Dublin West, Labour)

In December 2008, a €500 million State-backed venture capital fund was announced. I have written to the Tánaiste on several occasions about this matter. She indicated discussions are ongoing between her Department and agencies such as the IDA, the Department of the Taoiseach and so on. St. Patrick's Day is approaching and I understood that Ministers going abroad at that time expected to be in a position to make a positive announcement about the fund. I do not know whether the Tánaiste is staying in Ireland or travelling abroad. What is happening? It is 15 months since this was announced to great fanfare and I have pursued this with the Tánaiste. Nothing has happened. Many people with PhDs have returned to Ireland to participate in various science and innovation programmes in institutes of technology and universities. Companies are also interested and I have been contacted by a number of them about the fund. Has any progress been made? A sum of €500 million in venture capital in the context of the carnage of job losses, particularly when one considers the SRT workers who are highly qualified, would be welcome news and good promotion for the country during the St. Patrick's Day tours of the world Ministers will undertake. When will the Tánaiste come into the House about this?

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