Róisín Shortall (Dublin North West, Labour)
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Question 416: To ask the Minister for Enterprise, Trade and Innovation the number of jobs created to date from the Innovation Fund Ireland; and the number projected to be created with a breakdown by year. [34825/10]

Batt O'Keeffe (Cork North West, Fianna Fail)
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I announced the first call for expressions of interest in Innovation Fund Ireland on 23 September 2010, less than two weeks ago. Enterprise Ireland and the National Pensions Reserve Fund (NPRF) will manage the Fund and investors have until November 26 to signal their interest in establishing a presence here. The Innovation Fund is about investing for the medium to long-term in high potential companies that will help to deliver the jobs and growth as we steer Ireland out of the current economic downturn.

The main objectives of the Fund are to: Increase the number and scale of innovation driven and high-growth businesses in Ireland. Increase the availability of smart risk capital for early stage and high-growth companies. Attract top-tier venture capital fund managers to Ireland. Attract, leverage and develop entrepreneurial talent.

Jobs created through the Fund will depend on the investments made and the decisions of independent venture capital fund managers. The nature of such funds and the independence of decision making by the relevant fund managers means it is not possible to provide projections of jobs created at this point in the process. International economic growth and new innovations in the technology, life sciences and clean technology spheres over the coming years are other factors that will impact on the level and type of jobs created.

A dynamic and progressive venture capital market is a prerequisite for the development of high potential start up companies and the future growth of scaling companies in Ireland. This Fund is further evidence of the Government's longer-term strategy and our continued commitment to generate high quality jobs in Ireland's 'smart' economy.

Róisín Shortall (Dublin North West, Labour)
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Question 417: To ask the Minister for Enterprise, Trade and Innovation the number of jobs created to date from the €360 million invested in research and innovation involving third level institutions; and the number projected to be created with a breakdown by year. [34826/10]

Conor Lenihan (Dublin South West, Fianna Fail)
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On 16th July 2010 the Government announced the awards under Cycle 5 of the Programme for Research in Third-Level Institutions (PRTLI). The PRTLI is a multi-annual programme and Cycle 5 will run over a five-year period and into 2016. The awards under PRTLI Cycle 5 amount to €359 million in total, with a provision of €296 million in Exchequer funding and €63 million in funding from private sources. The 36 projects awarded mainly focus on the provision of physical infrastructure and the establishment of structured PhD programmes. Cycle 5 continues the prioritisation of investment in Ireland's development as a knowledge-driven economy which is a crucial component of the economic recovery process and to laying the basis for our future prosperity.

Meetings are ongoing with the higher education institutions concerned to discuss their proposed implementation plans. These implementation plans will incorporate detailed milestones in the development of the projects, including timeframes for construction and commencement of the PhD structured education programmes.

Given the ongoing discussions between the HEA and the higher education institutions it is, therefore, not possible at this point to provide an annualised breakdown of direct jobs created. However construction work under the Cycle 5 investment will provide more than 64,000 square metres of research space in new and refurbished buildings on our higher education campuses and create 2,000 jobs in the sector. The research projects will also create 379 direct jobs and a significant number of research studentships.

Once this infrastructural investment is made, the facilities and research laboratories supported will continue to underpin the production of human capital and work of research teams for decades to come, thus laying the foundations for attraction of FDI to Ireland and supporting indigenous companies with innovative solutions to problems.

Róisín Shortall (Dublin North West, Labour)
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Question 418: To ask the Minister for Enterprise, Trade and Innovation the number of jobs created to date from the employment subsidy scheme; and the number projected to be created with a breakdown by year.. [34827/10]

Batt O'Keeffe (Cork North West, Fianna Fail)
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The Employment Subsidy Scheme (Temporary) was introduced to help employees maintain their jobs while at the same time assisting employers in retaining their productive capacity. In order to qualify for support, enterprises had to commit to retaining a multiple of the number of jobs that they receive subsidies for until the end of November 2010. The purpose of the scheme is to protect existing employment. While no new jobs have been created, as a result of the two calls under the scheme a total of 1,697 companies and 103,977 jobs were approved for support.