The core objectives of the International Fund for Ireland are to promote economic and social advance and to encourage contact dialogue and reconciliation between Nationalists and Unionists throughout Ireland. Its structures provide for regular consultation with the Irish and British Governments while, at the same time, ensuring that the fund chairman and board are fully independent in discharging their mandate. This quality of independence has greatly contributed to the success of the fund, particularly in regard to its acceptance by both communities in Northern Ireland.
I understand that the board is currently considering the role and direction of the fund in the context of the developing peace process and the prospect of additional financial resources being made available. While the fund's advisory committee, comprising officials from both Governments, will assist it in its deliberations, it is ultimately a matter for the independent chairman and board to determine the fund's future role in the new circumstances which apply on the island.
The fund's resources derive from the generous financial support provided by the United States, the European Union, Canada and New Zealand. The Deputy will be aware that in recent weeks there has been a number of positive developments in regard to additional finance for the fund.
The European Commission has proposed that the planned EU contribution to the fund should be increased from 15 million ECU to 20 million ECU for each of the next three years. The enabling draft Regulation is currently being considered by the Council of Ministers and I will be working to ensure that it is formally adopted before the end of the year.
Moreover, during the Taoiseach's recent visit to Australia, Prime Minister Keating announced that his Government would commit $7 million Australian dollars to the fund over the next five years. This first Australian contribution to the fund represents a very significant broadening of international support for the peace process. In addition, in the presence of the Taoiseach, Prime Minister Bolger recently announced that New Zealand had allocated a third tranche of support to the fund.