Gerald Nash (Louth, Labour)
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68. To ask the Minister for Finance his views on the recent ECB Financial Stability Review (details supplied); if he is satisfied that the scheme is sufficiently targeted and financially prudent in view of current conditions which increase the vulnerabilities of more-indebted sovereigns; and if he will make a statement on the matter. [58188/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Financial Stability Review provides an overview of potential risks to financial stability in the euro area. It aims to promote awareness in the financial industry and among the public of euro area financial stability issues.

As the Deputy notes the Review states that "As financial conditions tighten, the vulnerabilities of more-indebted sovereigns, households and corporates are at greater risk of coming to the fore."

The Temporary Business Energy Support Scheme (TBESS) will provide support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February 2023 and will be available to tax compliant businesses carrying on a trade or profession the profits of which are chargeable to tax under Case I or Case II of Schedule D where they meet the eligibility criteria.

Payments will be made on the basis of 40% of the amount of the increase in eligible electricity or natural gas costs between the bill amount which is the subject of the claim and the bill amount in the corresponding reference period in the previous year, subject to a monthly cap on payments of €10,000 per trade or profession. The monthly cap may be increased where a business carries on its trade or profession from more than one location, as identified by the business having multiple electricity accounts/ MPRNs in different locations. The cap may be increased by €10,000 per electricity account/ MPRN, subject to an overall monthly cap of €30,000 per trade or profession. The increased cap is available in relation to both electricity and natural gas costs relating to the trade or profession. An overall cap on the amount of support that a business can claim will also apply in line with requirements of the European Commission’s Temporary Crisis Framework.

As the Deputy noted, the TBESS is a broad-based scheme. That said, I am satisfied that the design of the scheme ensures that it is sufficiently targeted and that the qualifying conditions and relevant caps on relief ensure it is financially prudent while giving relief to businesses that are incurring unprecedented increases in electricity and natural gas costs.

Revenue has published comprehensive guidelines on the operation of the scheme, which includes information on eligibility for the scheme and how claims may be made. The guidelines are available on the Revenue website and will be updated on a regular basis.