Oireachtas Joint and Select Committees

Thursday, 1 October 2020

Committee on Budgetary Oversight

Pre-budget Engagement: Minister for Finance

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

In terms of the existing provisions, there are two important dimensions to it. The first is the supports that have been made available through Enterprise Ireland as we have got ready to deal with Brexit over many years. The supports that are available, primarily from Enterprise Ireland, EI, have been really important components of helping employers and companies get ready for dealing with Brexit.

The second is the support in training that is available now in grants to help companies deal with the different customs regime that we may be in if we find ourselves having to deal with a no-trade-deal Brexit. New ideas and proposals from that were recently launched by the Tánaiste.

The last part of it all that has been really important is what has been done from a loan point of view. We have initiatives that are now in place such as the Brexit loan scheme, which involved €300 million, and the future growth loan scheme, which involved a further €800 million. Those kind of loans that are available at lower interest rates for longer have been really helpful in getting companies ready for the shock of a no-trade-deal Brexit.

As the Deputy will be aware, we had to invest a great deal of money in getting Dublin Port, Rosslare Europort and Dublin Airport ready to deal with the consequences of Brexit. However, that money to get our airports and ports ready has been spent over a number of years.

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