In the years since it was spun off from IDA Ireland in 1994, Forbairt has sometimes appeared to be the Cinderella of development agencies. Of course, a succession of 25 projects, each with 20 jobs, can never match the media appeal of a single, 500-job announcement.

But while it might be quiet about it, Forbairt is on a roll these days. Back in 1995, it set itself a total employment target for its client companies of 130,000 by the year 2000. Some time last autumn, it cruised past this figure, two years ahead of schedule.

In 1997, Forbairt created about as many new jobs as IDA Ireland; 13,200. Job losses in the agency's client companies were higher, but, its executives point out, Irish companies are worth more to the economy because they do not repatriate any profits.

Last year, there was an 8 per cent growth in sales of its client companies, with these expected to reach £15 billion. Up to 80 per cent of these revenues are spent in Ireland. The same firms made investment commitments of over £450 million.

Forbairt has also proved to be a canny operator.

For example, its grants to hightech start-up companies are often given partly in exchange for a small stake in the company. If, five years on, the firm is doing exceptionally well and decides to float on the stock exchange, then Forbairt wins too, and can recycle the cash into the next wave of start-ups.

This policy is likely to be tweaked this year, as the agency steps up its efforts to generate more independent venture capital for small Irish companies. In 1997 six Forbairt/private sector venture capital funds were launched, supported by the European Union.