This followed a BBC exclusive story this morning that reported the Titanic Signature building in Belfast could be facing a €20m funding shortfall.
The spokesman for the UUP then said it would not qualify for £20m of funding from Europe as expected.
Former UTV journalist - turned politician - Mike Nesbitt said he was shocked that the application may be rejected, suggesting problems with the tendering process and submission.
Mr Nesbitt said there has been "a growing pattern of failure to handle process".
He said there had been an application for grants towards the cost of the building and said this was being queried by the European Commission.
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However, the Department of Enterprise, Trade and Investment (DETI) has confirmed that there is no funding shortfall for Titanic Belfast.
They said that it is on course for completion and will open as planned on 31 March 2012, in time for the 100-year anniversary of the Titanic's maiden voyage.
"The project is fully funded. The Department has applied for £18.4million funding under the European Commission (EC) Competitiveness Programme, which is still subject to an ongoing assessment by the Commission," said a statement on Friday afternoon, adding that EU funding is irrelevant to the successful completion of the project.
"If funding is not drawn down against Titanic Belfast it will be drawn down against other projects.
"However DETI is optimistic that it can address the EU's queries.
"For these reasons, the issue was not raised with the Enterprise, Trade and Investment Committee."
DETI insists that Titanic Belfast will indeed be Northern Ireland's must-see attraction when it opens next year.
"Feedback nationally and internationally has been incredibly positive.
"It has created job opportunities and is already attracting interest from tourists across the world, with over 30,000 group bookings received to date and over 100 events booked into the banqueting suite," the DETI statement continued.
(BMcC)
