Oireachtas Joint and Select Committees

Thursday, 20 July 2017

Committee on Budgetary Oversight

Summer Economic Statement: Discussion.

10:15 am

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

We are engaged in discussions with the EIB on a whole range of different options. The issue on which there is most engagement is the agriculture scheme this year which the Deputy referred to. It was a really interesting initiative, led by the Minister for Agriculture, Food and the Marine and his Department, which sought to deal with the issues which farmers are facing as a result of pricing volatility. The Irish Farmers Association sees this scheme as having worked really well. Essentially, we are leveraging our creditworthiness as a country and the creditworthiness of the EIB to provide funding to a sector in a different way and at a different rate from what could be accessed in the commercial banking sector. I want to see how that worked and how we can learn from it because it is working for agriculture and, as we all know, it is those working in the food and agricultural sectors who are really at the front line in dealing with the effects of Brexit.

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