Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

With regard to EU funding, we are working on the basis of commitments that have been made already in different funding streams. The principal one I have responsibility for is the national recovery and resilience plan, which is close to €1 billion. In that context, a range of investment projects is being implemented across Government. We are making provision, as can be seen in the summer economic statement, for a further €200 million of that to be spent across next year.

Under the Brexit adjustment reserve we will receive a total of €1.165 billion in current prices. We have already received the first tranche of that. It has to be spent by the end of next year. The reference period goes back to the beginning of 2020 so eligible spending must occur between 2020 and 2023, inclusive. We have made certain allocations so far to a number of Departments. We have given approval to a range of schemes in agriculture and fisheries brought forward by the Minister for Agriculture, Food and the Marine, Deputy McConalogue. We have a major infrastructure project at Rosslare Europort that is currently under procurement and there are a number of other proposals from Departments that are currently being considered.

This funding comes in the form of pre-financing. We submit the formal claim in 2024, after the reference period, but we get the money upfront. Clearly, we have to ensure that it is spent in a way that fully conforms with EU spending rules and there is a strict requirement that it must be linked to the adverse effects of Brexit. Ensuring that the spend is eligible is a critical test and it is one on which we must be sure. It is not as simple as coming up with new spending ideas or things it would be nice to do. The link with the adverse effects of Brexit has to be explicit, clear and demonstrable, but we are making good progress on it.