Competitiveness and Innovation Programme.

Dáil Éireann Debate, Tuesday - 24 October 2006

Tuesday, 24 October 2006

Ceisteanna (399)

Ruairí Quinn

Ceist:

470 Mr. Quinn asked the Minister for Enterprise, Trade and Employment the work that has been undertaken to date by his Department in response to the European Commission’s Young Innovative Companies suggestions of May 2006; the intentions he has for introducing such a company status here; if his Department has had discussions with the Department of Finance or other Departments on this matter; if his Department has discussed this issue with the European Commission; and if he will make a statement on the matter. [34456/06]

Freagraí scríofa

Minister for Enterprise, Trade and Employment (Mr. Martin)

While I am not aware of the programme or proposals for a new type of company under the general title mentioned by the Deputy, I assume he has in mind the range of initiatives proposed under the Commission's Competitiveness and Innovation Framework Programme 2007-2013 which includes a module for early stage financing for SMEs. The programme overall will operate under the auspices of the European Commission and will take effect from 2007. I understand that funding for Innovative Companies such as High Potential Start-Ups (already eligible for funding under Enterprise Ireland programmes) will be made available through financial intermediaries such as banks which may compete for funding schemes operated on behalf of the Commission by the European Investment Fund (EIF). The EIF operates under the aegis of the European Investment Bank.