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

It is clear that, in the context of Brexit, we need to intensify efforts to support Irish SMEs and large companies. We need to try to minimise the risks and maximise the opportunities. Earlier this morning, I attended a meeting of CEOs to discuss how Irish companies can remain competitive in the face of Brexit but also in the light of other global challenges, including attitudes on taxation in the USA, challenges within Europe and so on.

We have much to do. We need to help firms to compete. This is an issue across Government. It is about access to finance. In the budget, the Minister for Finance, Deputy Donohoe, announced a €300 million Brexit fund. Last Monday, the Strategic Banking Corporation of Ireland, SBCI, also announced, in conjunction with the European Investment Bank, EIB, a new fund designed to make money available to Irish businesses. That is very important. We need to continue to help firms to innovate by increasing money for innovation.

This morning, Enterprise Ireland launched another fund whereby, within three weeks, businesses can access up to €150,000 to help them innovate. That is really important. We need to encourage and support firms to trade and diversify. Obviously, all the work I have been doing on trade missions with IDA Ireland is doing that.

The Deputy asked specifically about state aid. On 10 November I had an extremely positive and good meeting with Commissioner Vestager, who has responsibility for competition issues - including state aid - to discuss the unique challenge facing the country. We agreed to set up a working group comprising officials from the state-aid section of her area and officials from the Department of Business, Enterprise and Innovation. The group already met last Monday for the first time and will meet again in December. The purpose of this important initiative is to discuss the supports and measures available to Irish firms and to look at new measures and supports that can be developed as the Brexit situation develops in order to ensure that there can be - and I stressed this to her - a very timely response to any issues that emerge for Irish business. She agreed that timeliness in response will be critical. It was an extremely positive meeting and the working group has already begun dealing with these issues.

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