Tuesday, 10 June 2014

Questions (148)

Peadar Tóibín

Question:

148. Deputy Peadar Tóibín asked the Minister for Finance further to his announcement of 15 May 2014 if he will provide the monetary figure allocated from the National Pensions Reserve Fund to the collaboration with Silicon Valley Bank of new lending commitments; if he will provide details of the administration and allocation of the moneys. [24444/14]

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Written answers (Question to Finance)

In June 2012, the National Pensions Reserve Fund (NPRF) announced a collaborative relationship with Silicon Valley Bank (SVB) aimed at supporting the technology innovation sector in Ireland. The NPRF has committed to invest in technology funds managed by SVB Capital, while Silicon Valley Bank has established a presence in Ireland and expects to lend US$100 million over five years to fast-growing Irish technology, life sciences and venture capital businesses. SVB has appointed an Ireland Relationship Director. Together with support from its team in London, SVB is currently looking closely at a number of opportunities and to date has made loans across nine companies.

Parties seeking to access funding from the NPRF/ISIF are invited to contact the NPRF Unit directly at vcfunds@nprf.ie.  Alternatively, contact detail for Silicon Valley Bank is set out:

Andrew Hunter, Silicon Valley Bank

Ph: 44(0) 207 367 7815