Joan Burton (Dublin West, Labour)
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Question 222: To ask the Minister for Finance the position in relation to the social finance fund; if it requires legislation; the amount of funding allocated to it; and if he will make a statement on the matter. [39963/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The Government has agreed that the Social Finance Initiative announced in Budget 2006 will be implemented through the establishment of a not-for-profit company to act as a wholesale supplier of social finance. The seed capital funding committed by the banking community to the implementation of the Initiative is €25 million. The social finance company will be established on a non-statutory basis under Company Law. The Memorandum and Articles of Association of the company are currently being finalised and it is intended that the social finance company will be incorporated and commence its operations early in 2007.