Vol. 503 No. 6
114 Mr. Ring asked the Minister for Agriculture and Food if the matter of funding of the Western Development Commission has been referred to the EU, delaying the transfer of investment funds; and if he will make a statement on the matter. [10765/99]
The western investment fund is being established under the Western Development Commission Act, 1998.
As the Deputy is aware, the Western Development Commission, which was set up on a statutory basis on 1 February 1999, will administer the fund. An initial provision of £5 million for the fund is included in the Vote for my Department in 1999.
Being financed by the Exchequer, it is necessary to obtain the clearance of the EU Commission for the operation of the fund as a state aid. The Western Development Commission is already in consultation with my Department on the preparation of the necessary submission to the EU Commission in this case.
I am aware of the Western Development Commission's concern to have the fund in operation quickly and I am doing all that I can to have the matter expedited.
