Oireachtas Joint and Select Committees

Tuesday, 9 June 2020

Special Committee on Covid-19 Response

Reopening the Economy: Supports for Business

Mr. Danny McCoy:

We set out what is required. Returning to the point I made earlier, if it is not known what the business plan is going to be, how can it be known what channels of support will be required? Reopening, therefore, is a critical part of the process and that is why businesses were asking that the reopening take place quickly and appropriately in respect of restrictions. The Government has set out the range of measures. As I said, it is the scale of those measures with which we have an argument. The whole plethora of measures is in place, from deferrals to grants to loans to equity, potentially. It is a matter of interpreting that and putting it in place. It might be discounted, but this is a different type of downturn. This was a switching off of the economy.

The people or organisations coming to the Deputy have no idea what consumer demand will be for the businesses. It would be inappropriate for anyone to lend on the basis of a business that is currently closed and when one has no idea what the situation will be when it opens up.

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