Eamon Gilmore (Dún Laoghaire, Labour)
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Question 123: To ask the Minister for Enterprise, Trade and Employment further to Parliamentary Question No. 470 of 24 October 2006, if he will confirm he has plans to implement the new class of company that has been designated by the Commission Young Innovative Companies as a separate designation, as has been suggested by the Commission, and it is up to each member state to implement; and if he will make a statement on the matter. [37734/06]

Micheál Martin (Cork South Central, Fianna Fail)
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I understand that a scheme supporting "Young Innovative Companies" has been in operation in France since 2004. While I am not aware of a specific EU Programme or proposals for a new type of company under the general title mentioned by the Deputy there are a range of initiatives proposed under the Commission's Competitiveness and Innovation Framework Programme 2007-2013, which includes a module for early stage financing for SMEs. The Programme overall will operate under the auspices of the European Commission and will take effect from 2007. I understand that funding for innovative companies, such as high potential start-ups (already eligible for funding under Enterprise Ireland Programmes) or the type of company supported by the French initiative, may be made available through financial intermediaries such as banks which may compete for funding schemes operated on behalf of the Commission by the European Investment Fund (EIF). The EIF operates under the aegis of the European Investment Bank.