Dáil Éireann Debate, Tuesday - 28 July 2020
46. Deputy Brendan Howlin asked the Minister for Foreign Affairs and Trade the exact sum allocated to the €5 billion Brexit reserve fund agreed at the European Council meeting recently; the criteria for allocating this fund; the timescale involved in the allocation; and if he will make a statement on the matter. [18555/20]
View answerThe European Council agreed to establish a special Brexit Adjustment Reserve of €5 billion to counter the adverse consequences in those Member States and sectors that are worst affected. The Brexit Adjustment Reserve will be a Special Instrument outside the ceilings of the new MFF.
The European Commission has been tasked with presenting a proposal for the Brexit Adjustment Reserve by November at the latest. The exact criteria for disbursements under the Reserve will now be worked out. Ireland is already engaging closely with the Commission on ensuring that the criteria for allocating funds ensure that they are targeted at those Member States disproportionately most affected by Brexit.
I welcome the European Council’s decision to establish the special Brexit Adjustment Reserve, which will be an important instrument for Ireland to access as the Member State likely to be most impacted economically by the UK’s departure from the European Union. One of Ireland’s top priorities during the negotiations was to ensure that the MFF and Next Generation EU package included such an instrument. This successful outcome represents a continuation of the EU’s solidarity on Brexit and recognition of the particular and unique challenges we face.
