Michael Creed (Cork North West, Fine Gael) | Oireachtas source

The most immediate concerns for farm enterprises and exporters arising from the UK decision to leave the European Union centre on euro-sterling exchange rates. While the fall in the value of sterling against the euro is significant, it is not unprecedented. Nevertheless, a sustained period of currency volatility could be of concern. In that regard, the Central Bank of Ireland has established contingency plans to deal with market volatility surrounding the referendum result. The bank will engage with the Department of Finance and individual financial institutions with regard to potential risks. Actions by the European Central Bank and other global actors will be monitored closely.

In addition, I have asked the relevant agencies, including Bord Bia, Enterprise Ireland and BIM, to provide practical guidance to small and medium-sized enterprises. Last week, Bord Bia announced a number of measures to support food and drink businesses. These measures include managing volatility impacts, providing consumer and market insight, deepening customer engagement and extending market reach. The aim is to help companies maintain their competitiveness. Similar support is being provided by Enterprise Ireland as well.

I will continue to monitor the situation closely, in particular through the consultative committee of stakeholders that I established recently and which met for the first time last week. I will also ensure that the response of the agencies is fully co-ordinated through a contact group established under the Food Wise 2025 high level implementation committee.

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