Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

We appreciate all of the efforts that have been made to date in terms of business supports and encouraging people to Brexit proof themselves, but the larger issue is that all of the loans mentioned fall within current state aid rules as they stand. What is being proposed is not outside the norm of state aid obligations. We must have a system in place that will allow for an immediate increase in the ceilings permitted for business lending. During the 2008 crash, for example, we moved the ceiling from €200,000 to €500,000. That had an impact on companies that were very exposed to the financial crash. We may experience a similar situation with companies that are wholly dependent on the UK market. Two developments could happen: a rapid devaluation of sterling and the closure of the market due to tariffs. These companies cannot wait months for us to renegotiate state aid rules. The rules must be flexible enough for us to act immediately. Will the Minister ask the European Commission to allow these changes to be made in advance of a crisis?

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