Lucinda Creighton (Dublin South East, Fine Gael)
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Question 900: To ask the Minister for Enterprise, Trade and Innovation the amount of the €500m allocated to Innovation Fund Ireland that has been drawn down to date; and if he will make a statement on the matter. [1796/11]

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. Enterprise Ireland and the National Pensions Reserve Fund (NPRF) will manage the Fund and investors had until 26th November 2010 to signal their interest in establishing a presence here. Now that this deadline has passed, Enterprise Ireland and the NPRF are in the process of evaluating the 32 expressions of interest received.

Innovation Fund Ireland will have up to €250 million available to make commitments. This funding runs along two parallel tracks.

The first comprises a €125 million pool of funds provided by the Exchequer and managed by Enterprise Ireland. Successful applicants who receive an investment from Enterprise Ireland will have to commit to investing an equivalent amount in Irish companies or companies with substantial Irish operations over the lifetime of their fund.

The second is for a similar amount and designed to allow Ireland's National Pension Reserve Fund to make a similar level of commercial investments assuming its criteria are met. To date the NPRF has made two investments under the banner of Innovation Fund Ireland.