Written answers

Thursday, 9 November 2017

Department of Jobs, Enterprise and Innovation

Brexit Issues

Photo of Niall CollinsNiall Collins (Limerick County, Fianna Fail)
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41. To ask the Minister for Jobs, Enterprise and Innovation if an application for a rescue and restructure scheme has been sent to the Directorate General for Competition; the details of the scheme; and the likelihood of approval. [47593/17]

Photo of Frances FitzgeraldFrances Fitzgerald (Dublin Mid West, Fine Gael)
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A Rescue and Restructure scheme was recently notified to the Directorate General for Competition as one element of my Department’s response to the challenges posed by Brexit. 

The scheme was notified as a precautionary measure. Since the decision of the UK last July to exit the EU, this Department has been working with Enterprise Ireland and other stakeholders to develop a suite of measures to mitigate the potential effect of Brexit on Irish businesses.

We do not expect that there will be a need for the State to provide rescue/restructuring aid to companies, however, it is prudent to have contingency measures in place, so that we can respond swiftly to changing circumstances as necessary.

Once approved, this scheme will allow for grants or equity supports to SMEs in severe financial distress who satisfy the conditions of the scheme.

The scheme filed is similar to ones that have been approved for other member States (e.g. Northern Ireland) – so my Department officials are confident of the scheme’s approval.  However, the ultimate decision lies with DG Competition. 


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