Frances Fitzgerald (Dublin Mid West, Fine Gael) | Oireachtas source

The new €300 million Brexit loan scheme will ensure there is affordable financing available to businesses which are either currently impacted by Brexit or could be in the future. For example, it could apply to the type of firms and businesses referred to by the Deputy which have a high dependence on the UK market and whose supply chain could be disrupted by Brexit.

The scheme is to ensure accessible finance is available to viable businesses at a lower rate of 4%. The scheme will be delivered through SCBI, Strategic Banking Corporation of Ireland, and will be provided through commercial lenders. A tender process will occur over the next several weeks and SCBI will have a website up by the end of this month with the details.

Although details have to be worked out in association with SCBI and the providers, there is agreement with and strong support for this scheme at EIB, European Investment Bank, level. We are confident about the introduction of this scheme. It will provide loans ranging from €25,000 to €1 million, and perhaps slightly beyond. The details are not finalised yet but they will become available in the next period. Firms will be in a position to apply and register their interest towards the end of September. The scheme will get under way in the new year.

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I expect finance will then very quickly become available to appropriate firms that meet the criteria to be developed by the Strategic Banking Corporation of Ireland, SBCI, in association with the providers in the next period.

As regards the European Union-Mercosur trade deal, the Minister for Agriculture, Food and the Marine is working closely with other countries that have difficulties with the terms that are emerging, in particular regarding the beef sector. We are working with those like-minded countries. The Taoiseach raised the issue with the President of the European Commission, Jean-Claude Juncker, a little over a week ago in Tallinn. We are concerned by the deal because we are aware of the high dependency of the country on beef exports, in particular to the UK, and that any change or diversification of that market will take time. The prices are right in terms of exports to the UK and this issue is very challenging. We support trade agreements and, as an open economy, want to ensure the new trade agreements on which the EU is working are put in place but we also want to protect our vital sectors such as the beef industry as much as possible.

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