The Tanaiste has said she will not be intervening to try and secure 500 bio-technology jobs which it was thought would be created in Cork.
It was hoped that the US company Biotech would open in Ringaskiddy, but it has instead opted for a base in Sweden.
Mary Harney also rejected reports that the company pulled out because there were not enough skilled workers to fill the vacancies here.
However, she described the decision as "regrettable".