The National Audit Office says that the state has allocated much money to SmartCap funds. This money has been unused. In 2023, the funds had 261 million euros of free money.
Auditor General Janar Holm said that money shouldn't just wait. Money should have a clear purpose. Additionally, the state pays extra money (management fee) for keeping money idle.
A total of 466 million euros has been allocated to SmartCap funds. But part of this money remains unused. This money is kept in banks and earns interest.
The National Audit Office finds that money should go to the fund only when needed. Currently, the state gives money, but investments are made only later.
The funds' objectives are too broad. There are no clear numeric targets or deadlines. For example, there's a suggestion to support new technologies, but it's not specified how much and when.
The National Audit Office also says that roles are confused. The Ministry of Economic Affairs does too many things at once: they make rules and also monitor the use of money.
Some rules are secretive. The National Audit Office believes that some decisions should be public, since the funds use state money.
The Minister of Economic Affairs said they're working to fix the problems. They're improving reporting and looking at how to use money better. There are also plans to change fund management.