The western investment fund is considered to constitute a form of State aid and it therefore requires the prior approval of the European Commission for its operation. My Department has been in correspondence and discussion with the European Commission since June of last year when a formal request for the appropriate approval was lodged. The Western Development Commission has given every support and assistance to my Department in submitting a case and in responding to requests for clarification.
When I met Commissioner Fischler in Brussels on 6 December, I took the opportunity to express my concern at the time being taken by the European Commission in considering the request for approval of the fund. I also brought the matter to the attention of Commissioner Byrne at that time and again recently following the receipt of further queries from the European Commission. These queries have already been responded to and the Government's unhappiness with the slow progress has been communicated to President Prodi's office. Every effort is being made to resolve the matter and to allow the western investment fund to come on stream.
I am advised by the Western Development Commission that it has some 100 inquiries on hand regarding possible assistance from the fund. Some of these would be fully detailed projects capable of being evaluated for aid purposes. I expect that any projects on hand will be fully considered and adjudicated on once the fund is operational.