Brian Cowen (Laois-Offaly, Fianna Fail)

As I explained previously to the Deputy, the National Treasury Management Agency, NTMA, working with Enterprise Ireland, has been leading a market assessment process involving engagement with leading venture capital companies in the United States, Europe and other stakeholders. It is taking account of the impact of recent developments on the domestic and international financial markets as well as the current fund raising rounds in international venture markets. The opportunity is also being taken to avail of the expertise of members of the task force, which has assisted in further defining the role of the fund as part of a wider goal of developing Ireland as an innovation hub. The engagement with the market, led by the NTMA, is continuing and will determine the appropriate timing and structure of funds to be established. This engagement is by its nature confidential. In the meantime, Enterprise Ireland continues to provide venture capital through its existing seed of venture capital programmes.

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