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

To go back to the earlier question the Deputy put to me, the effect will become clearer in the run-up to budget 2017. The summer economic statement outlined that the cause of any change in national income would be the change in our trading relationship with sterling and having a greater understanding of what the relationship would be between the UK and the Single Market in particular.

Regarding the earlier question the Deputy put to me on INTERREG and the PEACE programmes, whose importance he acknowledged, on the Friday morning when the result was announced, we contacted the Commission about this. I met my officials who have responsibility for that area, and tomorrow morning I am meeting the Minister for Finance in the Northern Ireland Executive, who has responsibility for these areas, to discuss the effect of the UK decision on the INTERREG and PEACE programmes. We remain committed to the commitments the Government has put against those programmes because, as the Deputy will be aware, the majority of funding for those projects comes from the European Union. It is a matter that we and the Northern Ireland Executive need to work through closely.

The Deputy asked me if the change in the UK's membership of the EU will have an effect on the capital plan. We have acknowledged that it will inject uncertainty into our medium-term prospects. The linear consequence of that is that it will have an effect on Government plans, but I have been very clear - the Minister for Finance, Deputy Noonan, has made similar points - that what we then need to examine-----

See this speech in context