Bernard Durkan (Kildare North, Fine Gael)
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282. To ask the Minister for Finance if he has in mind any further Brexit-related economic interventions; and if he will make a statement on the matter. [54733/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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My Department has been participating in whole of Government preparations for Brexit since before the UK referendum in 2016. This work intensified during 2020 as part of preparations for the end of the transition period, and has continued since then in response to continuing Brexit developments.

Preparations have been accompanied by a range of budgetary interventions from 2017, including financial supports to help business prepare for and mitigate the impacts of Brexit.

Budget 2021, for example, provided €340 million in Brexit funding through the continuation of existing measures and new supports for sectors and enterprises likely to be most affected. This was on top of over €700 million in successive Budgets since 2017. In addition, a Recovery Fund of €3.4 billion was introduced, allowing specific targeted measures should the need arise in response to both Brexit and COVID-19.

The EU Budget’s Brexit Adjustment Reserve (BAR) allocation to Ireland will complement and enhance national supports. Ireland is set to receive almost €1.1 billion from the BAR which, at just over a fifth of the overall €5 billion fund, it is the largest allocation to any Member State.

Budget 2022 provided for around €0.5 billion of the overall BAR allocation to be made available in 2022 as a first tranche of funding. The remaining BAR funding will be available as a second tranche in 2023 for additional proposals and for the continuation of relevant measures. This approach is intended to allow flexibility around the allocation of funding as the impacts of Brexit on sectors become clearer.

The Government remains focused on protecting our economic and financial interests, and will continue to work to minimise the disruption that Brexit will have on the economy and people’s livelihoods to the greatest extent possible.