Leo Varadkar (Dublin West, Fine Gael)
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Question 165: To ask the Tánaiste and Minister for Enterprise, Trade and Employment if her Department has received communication from Irish financial intermediaries seeking information in relation to the small and medium enterprise loan guarantee scheme operated by the European Investment Fund; and if she will make a statement on the matter. [20035/08]

Mary Coughlan (Donegal South West, Fianna Fail)
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As outlined to the House in reply to Parliamentary Question No. 272 on 8 May 2008, my Department has informed the Irish Bankers' Federation of the proposal, the operation and the scope of the Loan Guarantee Scheme. Financial intermediaries are free to make contactdirectly with the European Investment Fund (EIF) concerning participation in the facility and I am aware that some have done so in the past. Proposals will be examined by the EIF on a continual basis, over the lifetime of the Competitiveness and Innovation Framework Programme 2007-13, within the constraints of the available Community budget allocations. Irish financial intermediaries, therefore, continue to have an opportunity to participate in the Facility.

Participation in the Facility is, in the first instance, a commercial decision for any financial intermediary concerned. Approaches or communications received from Irish financial intermediaries must thus, be treated in confidence by my Department. My Department will continue to encourage participation and remains available to financial intermediaries wishing to access the Facility.

Leo Varadkar (Dublin West, Fine Gael)
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Question 166: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the position regarding the workings of the business angels initiative; the number of investors and entrepreneurs matched to date; the targeted level of entrepreneurs or investors to be matched by the end of 2008; the funding provided to the initiative; and if she will make a statement on the matter. [20036/08]

Mary Coughlan (Donegal South West, Fianna Fail)
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The Halo Business Angel Partnership was established in April 2005. However, the Programme did not commence until September 2005 when the Programme's management structure was put in place. The pilot phase of the scheme ceased on August 31, 2007. The Business Angel Partnership was designed to encourage and facilitate the provision of informal investment in enterprises by Business Angels, typically high net worth individuals who wish to invest in early stage companies with good growth potential. This programme is being jointly funded by Enterprise Ireland and InterTrade Ireland. It was agreed recently to extend the programme for a further two years, as both Agencies believe it is making a contribution to the development and growth of private equity and business angel activity in Ireland.

While the Business Angels Initiative is a day to day operational matter for the development agency or body concerned, and not one in which I have a direct function, I understand that, the number of investments and entrepreneurs matched to date is 17. These investments totalled €2.5m and which leveraged a further €4.7m. The targeted level of entrepreneurs or investors to be matched by the end of 2008 is 8. Total funding to date by Enterprise Ireland and InterTrade Ireland is €460k.