Post by Wasp on May 2, 2007 18:07:48 GMT
Came across this article.
Laird wins Hevesi backing on jobs
A Unionist peer today secured the backing of an eminent American businessman to tackle alleged discrimination against Protestants in the Irish Republic.
Lord Laird said Alan Hevesi, controller of the £66 billion New York State retirement fund, will join him in putting pressure on Dublin to tackle the claim.
Mr Hevesi, a long-term critic of employment practices in Northern Ireland, endorsed the campaign after he announced he was committing £3.75m towards business development in the country.
Lord Laird claimed discrimination was particularly acute in County Donegal where he said Protestants make up 11% of the workforce but hold only 1% of civil service jobs.
He hailed Mr Hevesi`s endorsement as a "human rights breakthrough".
The veteran peer said: "I very much applaud this initiative and the fact that Mr Hevesi has offered me his full support.
"It is only through people of his stature that we will be able to stop the discrimination and marginalisation of the pro-British and Ulster-Scots Protestant community across the border.
"I shall be in contact with Mr Hevesi shortly with a view to moving this campaign on and forcing the Dublin government to act.
"I feel that with the total investment of the New York State Pensions Fund the Irish must take notice."
Mr Hevesi pledged the money to Belfast-based private equity fund Crescent Capital in a new £22.5 million venture capital fund, sponsored by Invest Northern Ireland.
It is Mr Hevesi`s first investment in Northern Ireland - something he has championed but held back from actually doing for much of the last decade.
Today he said that progress was being made and the disparity between Catholic and Protestant employment opportunities was closing.
Announcing his investment, he said: "Northern Ireland represents tremendous opportunities for growth and prosperity, regardless of religious, political or any other affiliation."
He added: "We are investing in Crescent Capital II because the fund represents an excellent opportunity, with the potential to create new jobs and economic prosperity for all communities by providing local technology companies with much-needed capital so they can grow and thrive here in Northern Ireland."
But at the same time he made clear it was a hard-nosed business decision.
"I anticipate a competitive return for the New York Retirement Fund," he said.
Speaking at the Europa Hotel in Belfast, he explained why money was being committed now when it had not been in previous years.
"The investment climate in Northern Ireland is much more favourable today thanks to the ongoing peace process.
"As a result, the region now presents an attractive opportunity for the New York pension fund to obtain a meaningful return on investment for the fund`s 971,000 members while creating jobs and prosperity in Northern Ireland."
Crescent Capital will target small technology companies with their roots in Queen`s University and the University of Ulster.
Companies which have benefited from its £14 million first fund include Andor Technologies, Lagan Technologies and Balcas.
Invest NI - the country main investment body - said it had committed £7.5 million to the venture capital fund.
Chief executive Leslie Morrison said the new fund represented "a cornerstone of Invest NI`s strategy to promote a vibrant and self-sustaining venture capital industry in Northern Ireland".
He said it would have a particularly important role to play in closing the historical gap in the availability of equity funding for the deal size range of £250,000 to £1.5 million.
Mr Morrison was confident the fund would play a significant role in sustaining and encouraging the growth of small and medium-sized enterprises and knowledge-based businesses in particular.
Laird wins Hevesi backing on jobs
A Unionist peer today secured the backing of an eminent American businessman to tackle alleged discrimination against Protestants in the Irish Republic.
Lord Laird said Alan Hevesi, controller of the £66 billion New York State retirement fund, will join him in putting pressure on Dublin to tackle the claim.
Mr Hevesi, a long-term critic of employment practices in Northern Ireland, endorsed the campaign after he announced he was committing £3.75m towards business development in the country.
Lord Laird claimed discrimination was particularly acute in County Donegal where he said Protestants make up 11% of the workforce but hold only 1% of civil service jobs.
He hailed Mr Hevesi`s endorsement as a "human rights breakthrough".
The veteran peer said: "I very much applaud this initiative and the fact that Mr Hevesi has offered me his full support.
"It is only through people of his stature that we will be able to stop the discrimination and marginalisation of the pro-British and Ulster-Scots Protestant community across the border.
"I shall be in contact with Mr Hevesi shortly with a view to moving this campaign on and forcing the Dublin government to act.
"I feel that with the total investment of the New York State Pensions Fund the Irish must take notice."
Mr Hevesi pledged the money to Belfast-based private equity fund Crescent Capital in a new £22.5 million venture capital fund, sponsored by Invest Northern Ireland.
It is Mr Hevesi`s first investment in Northern Ireland - something he has championed but held back from actually doing for much of the last decade.
Today he said that progress was being made and the disparity between Catholic and Protestant employment opportunities was closing.
Announcing his investment, he said: "Northern Ireland represents tremendous opportunities for growth and prosperity, regardless of religious, political or any other affiliation."
He added: "We are investing in Crescent Capital II because the fund represents an excellent opportunity, with the potential to create new jobs and economic prosperity for all communities by providing local technology companies with much-needed capital so they can grow and thrive here in Northern Ireland."
But at the same time he made clear it was a hard-nosed business decision.
"I anticipate a competitive return for the New York Retirement Fund," he said.
Speaking at the Europa Hotel in Belfast, he explained why money was being committed now when it had not been in previous years.
"The investment climate in Northern Ireland is much more favourable today thanks to the ongoing peace process.
"As a result, the region now presents an attractive opportunity for the New York pension fund to obtain a meaningful return on investment for the fund`s 971,000 members while creating jobs and prosperity in Northern Ireland."
Crescent Capital will target small technology companies with their roots in Queen`s University and the University of Ulster.
Companies which have benefited from its £14 million first fund include Andor Technologies, Lagan Technologies and Balcas.
Invest NI - the country main investment body - said it had committed £7.5 million to the venture capital fund.
Chief executive Leslie Morrison said the new fund represented "a cornerstone of Invest NI`s strategy to promote a vibrant and self-sustaining venture capital industry in Northern Ireland".
He said it would have a particularly important role to play in closing the historical gap in the availability of equity funding for the deal size range of £250,000 to £1.5 million.
Mr Morrison was confident the fund would play a significant role in sustaining and encouraging the growth of small and medium-sized enterprises and knowledge-based businesses in particular.
