Brendan Smith (Cavan-Monaghan, Fianna Fail)
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505. To ask the Minister for Jobs, Enterprise and Innovation further to Questions Nos. 807 of 12 July 2016 and 1,903 of 16 September 2016, her plans to assist small and medium enterprises that are totally or very heavily dependent on the Northern Irish and British markets for exports, in view of the weakening of the value of sterling; if her attention has been drawn to such companies which are experiencing difficulties; and if she will make a statement on the matter. [33646/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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There is a whole of Government approach in place focusing on Brexit issues, and my Department and I, together with the Agencies under my remit, are to the forefront of this effort.

Any changes in the UK’s relationship with the EU will present both challenges and opportunities for the Irish economy, and I am fully aware of the challenges for the Irish SME sector in regard to current Euro/Sterling currency fluctuations.

As part of Budget 2017, I secured the largest capital provision made to my Department over the past fifteen years. This extra funding will be used to fund additional measures to support companies impacted by Brexit, as well as new competitive funds for the Regions focused on job creation.

I also secured additional monies, as part of Budget 2017 which will provide for 50+ new posts for the Department and its agencies to respond to Brexit and to work with companies to help them respond to the challenges and opportunities they now face.

In terms of FDI, IDA Ireland is constantly engaged with clients across its entire portfolio and, in the months leading up to the UK referendum, it engaged with clients and prospective clients in relation to the potential impact of BREXIT. IDA Ireland believes there are potential FDI opportunities for Ireland as a result of the UK vote to leave the EU. These opportunities are likely to be found along differing timelines, partially influenced by sector. I am confident that Ireland is well positioned to maximise any opportunities that Brexit may present from an FDI perspective.

From a strategic perspective Enterprise Ireland is assisting companies to maintain and grow UK exports and extend their international reach, as well as helping companies to enhance their competitiveness. The Local Enterprise Offices are also working closely with those clients likely to be impacted by Brexit.

As Minister, I have responsibility for supporting Irish firms, especially our SMEs, across the whole of the economy. That is why I am making sure that I am in possession of all the detail of how Brexit impacts on each and every sector and company type – be they micro, small, medium, or even larger companies in some instances - before I finalise my proposals or make any announcements about specific measures.

My Officials have also engaged with the European Commission to gain clarification on, and a full understanding of, the scope of EU State Aid rules. The Commission is also aware from our contacts with them that Ireland, above all Member States, stands to be uniquely impacted by Brexit.

In order to build further on the foregoing, my Department is currently scoping out various possible responses to the short term currency challenge and I expect to be in a position to announce more detail, based on actual company needs, shortly. Any new initiative must be tailored, targeted and evidence-based in order for our SMEs to receive the maximum support possible, and in the sectors most needed.