Minister Cullen announces new corporate investment venture in Irish arts and Culture

Posted on 08/10/09 by Martin Cullen Martin Cullen TD, Minister for Arts, Sport & Tourism today (8 October 2009)
announced a new 3-year corporate investment venture in Irish arts and
culture between Bank of America Merrill Lynch and Ireland's Business to
Arts organisation.

Entitled ‘New Stream' the programme aims to build on the skills and
knowledge in fundraising within the arts and culture sector in Ireland.
‘New Stream' will involve specialist training and professional advice and
will be operated by Business to Arts and funded by Bank of America Merrill
Lynch over 3 years involving an investment by them of €400,000.

Speaking at the press announcement today at the Peacock Theatre, Dublin,
Minister Cullen said: "This ‘New Stream' Programme which I am very pleased
to announce today on behalf of the two organisations, is significant on a
number of levels. Firstly, it demonstrates a faith in the ability of
Business to Arts to consolidate its past successes and to deliver robust
training to the arts community. In addition, it signals a confidence not
only in the arts in Ireland, but also in business in Ireland, into the
future. I think it will also act as a catalyst to our business and arts
community to strive for even higher achievements."

The Minister added: "I am on record as supporting the need for our cultural
activities to become more involved in the business and social environment.
We must be smart in our ambitions, our connections, our way of doing things
and in achieving our goals. I therefore strongly believe that this
collaboration between Bank of America Merrill Lynch and Business to Arts
will be a testament to these goals. It is necessary to build the capability
of the arts sector to develop new income streams beyond public subsidy.
‘New Stream' will help in a major way towards achieving this. The aims and
supports offered by ‘New Stream' will provide a much needed skill for those
in our arts sector who are aware and recognise the need for sustainability
in their area, through focusing on diversifying funding."

Mr Allen Blevins, Art & Heritage Programmes Director for Bank of America
Merrill Lynch traveled from the US for today's announcement. Minister
Cullen said: "I wish to pay tribute to the commitment demonstrated by Bank
of America Merrill Lynch in providing their significant level of support
for the next three years for the arts community. The security of continued
support is almost as important as the level of support available and for
this, I know the potential recipients will be most grateful. I know that
people within the arts do not have to be persuaded to "think outside the
box" or to look at innovative ways of funding or raising their profile. But
it is often the momentum of this very creativity which sometimes does not
allow artists or arts organisations the facility or indeed the time to step
back and consider how best to exploit their wares. This is where this new
programme will be indispensable and relevant. I have no doubt the skills
released through this new initiative will build on continuing Government
support to our valued culture sector."