Bernard Durkan (Kildare North, Fine Gael)
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174. To ask the Minister for Finance the extent to which new economic options are likely to become available here after Brexit. [4634/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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As set out in the Government’s position paper of 2 May 2017, to mitigate the economic implications associated with Brexit, and maximise opportunities, the Government is taking a five pronged approach. The Government will continue to:

- prudently manage our economy and the public finances;

- negotiate effectively, as part of the EU 27, which includes aiming for the closest possible future relationship between the EU and the UK;

- support business and the economy through Government measures, programmes and strategies; 

- explore existing and possible future EU measures that could potentially assist Ireland in mitigating the effects of the UK’s withdrawal, while also making a strong case at EU level that Ireland may require further support on the basis that Brexit represents a serious disturbance to the Irish economy; and,

- maximise fully any economic opportunities arising from the UK’s decision to leave the EU.

The UK’s future relationship with the EU presents an important challenge for the Irish economy, both nationally and at a regional level. Government is not under any illusions about the complexity of Brexit, and hence our comprehensive domestic response to the impact of Brexit is continuing. Work at Cabinet level is being prepared through cross-Departmental coordination structures which represent a frequent and active channel through which all relevant Departments input to the Government’s wider response to Brexit.

We have already taken important steps to prepare our economy, including, the Action Plan for Jobs 2017, our Trade and Investment Strategy, and measures announced in Budget 2017 and Budget 2018.  In addition Government and state agencies are working hard to fully exploit any opportunities from Brexit, including promoting trade and investment opportunities in Ireland, as an English speaking member of the EU with unfettered accesses to the EU market. For example the recent trade deal between the EU and Japan, is providing new opportunities for Irish exporters, in particular the farming community.

At the sectorial level new opportunities have also been identified – particularly in the international financial services sector which is heavily reliant on the need for access to the Single Market and ongoing compliance with EU regulatory standards. Brexit has already seen opportunities for Ireland to increase its share of financial services based inward investment. Public announcements to establish or expand operations have been made by a number of companies. In addition the Government will continue to leverage our IFS2020 Strategy to maximise those and other opportunities.