Brendan Smith (Cavan-Monaghan, Fianna Fail)
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42. To ask the Minister for Jobs, Enterprise and Innovation if specific measures will be introduced to assist businesses that are totally or heavily dependent on exporting to the sterling area, in view of the difficulties that have arisen due to currency fluctuations; and if she will make a statement on the matter. [6176/17]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The Government is acutely conscious of the uncertainty created by the result of the 2016 UK Referendum and the need to consider the types of supports that Irish businesses may require to address any adverse trading conditions arising as a result of Brexit. Clearly, volatility in exchange rates has been challenging for exporters who are reliant on the UK market, operate with low margins and have no hedging strategy in place.

Given that Brexit is likely to represent a structural shift in the UK trading relations with partners, short, medium and long term responses are needed. These include market diversification, cost reduction, innovation and price repositioning. My Department, Enterprise Ireland (EI) and the Local Enterprise Offices (LEOs) have measures in place to address these issues for client companies.

I secured additional monies for 2017 to provide for 39 targeted posts in EI to enable it to support its clients across all markets. EI will provide various targeted supports and programmes in terms of management capability, leadership, marketing/sales skills, innovation and R&D to help companies to build market share and create new market opportunities.

The LEOs are working in partnership with EI to ensure consistency in terms of delivery of Brexit interventions.  The LEO Capital allocation was also increased for 2017 and the LEOs will use the additional monies to enhance the competitiveness and longer-term sustainability of start-ups, micro and small firms, which is of critical importance in the context of Brexit.

My Department, working closely with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI), EI and stakeholders (such as SFA, ISME, IBEC and Chambers), has conducted a structured engagement with a diverse range of companies across sectors and regions. The purpose of this engagement is to construct an evidence base on which appropriate, tailored and targeted responses can be delivered to meet real identified business needs. Work on this is well advanced and we hope to have the results of the structured engagement shortly.

The outcome of the structured engagement, along with market developments as a result of Brexit, will inform further discussions with the Commission and the development of any further initiatives to business.