asked the Minister for Industry and Energy if he will give a breakdown of the total expenditure to date of the £7 million provided in the February budget for the National Development Corporation; and if he will make a statement on the matter.

I am currently formulating detailed proposals for the establishment of a National Development Corporation. I envisage that these proposals will be put forward in the context of the Government's forthcoming White Paper on Industrial Policy. As the corporation has yet to be established, none of the £7 million allocated for the current year in respect of capital projects has been spent.

Or will be spent this year. Is that correct?

In view of that fact, would the Minister tell the House if he is serious about establishing this corporation? Would he also say how he is going to provide jobs by setting up this corporation? We are half-way through the financial year, and the Minister is still not able to give any single piece of information about the expenditure of this money. He cannot be serious about this corporation if at this stage he has not done anything about it.

That is an argument.

The answer to both parts of the Deputy's question is yes. It is clear than an initiative of this kind should be very properly and carefully structured if it is not to be counter-productive. I have given a great deal of thought to the question of how to deal with the many problems attendant on an issue of this kind. I have formulated proposals in detail which, I believe, will meet all the possible difficulties that could be raised in this regard.

In view of the fact that we are near the end of October, would the Minister agree that it is most unlikely that any of the £7 million will be spent this year?

It is almost certain it will not be spent by the National Development Corporation, but there is a possibility that the National Enterprise Agency, which had been dormant for some time and which I have re-activated, will consider a number of projects which they had on hand. If they can advance those projects sufficiently far — and they have been quite active for some time — some of the money might be used for that purpose. The Deputy would be correct in believing that the bulk of the money will not be spent.

Are the Labour Party aware of that?

Of course, they are.

It is an important disclosure that the National Enterprise Agency, which was discredited a year ago, is being resurrected and that the National Development Corporation, which formed such an important part of the Government's strategy, has been abandoned.

The Deputy will have to find another opportunity to raise this matter. I am calling Question No. 5.

That is not the case. The National Development Corporation is being proceeded with. However, there were a number of projects on the books of the National Enterprise Agency and, rather than have them languish and not be advanced, I decided that I would allow the National Enterprise Agency to be re-activated on a temporary basis to deal with those projects. But, as soon as the National Development Corporation is established, the National Enterprise Agency will cease to have any independent existence and will merge into the National Development Corporation.

A Cheann Comhairle, I wonder could we have the sound turned up in the House because the Labour Party do not seem to have been able to hear what was said in the last few minutes. I think it would be of profound interest to them if they could hear it.

I think Deputy O'Malley is being mischievous.