Eoghan Murphy (Dublin South East, Fine Gael)
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To ask the Minister for Jobs, Enterprise and Innovation if he is investigating the use of the Common Strategic Framework Funds that is the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund in developing co-investment funds specifically targeting angel investors, as is being promoted by the European Commission and European Investment Bank. [58161/12]

Eoghan Murphy (Dublin South East, Fine Gael)
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To ask the Minister for Jobs, Enterprise and Innovation if he is considering developing co-investment funds, as in the UK and other countries, to address the seed/early stage financing gap and help develop the angel investment market. [58162/12]

Richard Bruton (Dublin North Central, Fine Gael)
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I propose to take Questions Nos. 390 and 391 together.

I am aware of the co-investment funds that are being launched by the European Investment Bank (EIB) through the European Investment Fund (EIF) and are also being promoted by the European Commission. These funds are specifically targeted at further leveraging the investments of business angels into SMEs. The EIF launched a pilot of this Scheme in Germany and has recently launched an initiative in Spain. Enterprise Ireland and the Department of Finance have met with the relevant EIF executives in November to specifically discuss this initiative and my officials and Enterprise Ireland are in the process of assessing the feasibility of working with the EIF to leverage the European Angels Fund in the Irish market.

Enterprise Ireland and IntertradeIreland fund the HALO business angel partnership programme that is mandated to match business angels to appropriate projects which they would be interested in. HALO also works to develop business angel syndicates. Considerable effort has been put into addressing the seed and early stage funding gap indirectly through commitments to venture capital funds and directly through Enterprise Ireland's investment in 150 early stage Competitive Start Fund and High Potential Start-Up companies in 2012. A similar level of activity is forecast for 2013.