Wednesday, 20 May 2020
Department of Jobs, Enterprise and Innovation
I am aware of the impact that the COVID-19 pandemic has had on all businesses and this includes the private trade credit insurance market.
As a result of the significant economic shock, there is increased uncertainty regarding the financial performance of many companies in our economy. I understand that the trade credit insurance companies have had to adjust their coverage in response to this adverse economic environment.
In response the Government has already introduced a range of measures and supports to the economy in order to sustain and over time facilitate a return to a more normal trading environment. This in turn should permit the trade credit market to reconsider the risk environment and adjust their coverage as appropriate.
My Department continues to consider further options for appropriate and effective assistance to businesses and this includes the possibility of supports to ensure the continued provision of credit insurance and the appropriate mechanism to do so.
My officials are engaging with the private trade credit insurance providers to determine whether specific support can be provided to this market and how this could complement other general supports provided by the Government.
This support will be considered as part of the range of measures provided to businesses.
This is an ongoing process.