Pat Casey (Fianna Fail) | Oireachtas source

I welcome the Minister of State, Deputy Byrne, here this afternoon. While he is acting for the Minister, he might ask for more funding for his Department in the upcoming sport capital programme.

The Bill follows the approval at Cabinet last April when the Minister for Finance, Deputy McGrath, announced plans to bring forward this legislation so that Ireland can participate in a number of key financial supports for Ukraine. These supports will enhance Ireland’s comprehensive response to the crisis. The Minister of State has already outlined some of the main points. The legislation allows for Irish Government contributions to EU support programmes totalling up to €375 million. These contributions are based on the provision of each support scheme involved. The EU's macrofinancial assistance, MFA, is of the utmost importance to Ukraine because it helps the Ukrainian Government to maintain essential state services during challenging and traumatic circumstances. Ireland’s full participation in this initiative demonstrates the EU's solidarity with the people of Ukraine. We also saw that with this morning's announcement.

The legislation also enables once-off payments of up to €35 million from the European Investment Bank, €10 million from the European Bank for Reconstruction and Development and €10 million from the Council of Europe Development Bank.

The Minister for Finance’s legislation includes a provision to facilitate Ireland’s participation in international responses by international financial institutions during times of crisis. This ensures timely support for Ukraine and similar future crises. In summary, the legislation underscores Ireland’s commitment to supporting Ukraine and reflects our role in the global community in times of crisis.