Michael McGrath (Cork South Central, Fianna Fail)
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120. To ask the Minister for Finance the impact he expects Brexit to have on Ireland's annual contribution to the EU budget; and if he will make a statement on the matter. [40640/16]

Michael Noonan (Limerick City, Fine Gael)
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Until it formally withdraws from the European Union, the UK remains a full EU Member, with all of its existing rights and obligations including in relation to the EU Budget. Brexit is likely to involve complex discussion on the Multiannual Financial Framework, particularly as the UK is an important net contributor to the EU Budget. Therefore, Brexit will have a significant impact on EU Budget funding and expenditure and may need to be mitigated by either increased contributions from other Member States, reductions in EU funding programmes, or a combination of both.

While my Department has undertaken some broad modelling work to estimate the potential impact of Brexit on our EU budget calculations, this analysis will need to be developed in more detail in the coming period, when the parameters of the budget negotiations are better defined. In particular, a key point will be getting agreement amongst the EU27 on a common approach to the future of the EU Budget.