Dáil Éireann Debate, Tuesday - 4 April 2017
57. Deputy Joan Burton asked the Minister for Finance his plans to provide financial support to companies and SMEs that may be adversely affected by Brexit; and if he will make a statement on the matter. [16374/17]
Amharc ar fhreagraAt an overall policy level, the Department of Jobs, Enterprise and Innovation is primarily responsible for SME policy. In relation to SME finance, the Programme for Partnership Government sets out that all viable SMEs operating in Ireland should have the opportunity to access sufficient finance to meet their enterprise needs in a manner that supports growth and employment in the economy.
Government actions to date have ensured that there are already extensive supports available to assist SMEs (over 170 supports are provided by 30 separate agencies). These supports include the Strategic Banking Corporation of Ireland, the Credit Review Office, Microfinance Ireland, and the Credit Guarantee Scheme amongst others. These supports will play an important role in assisting companies and SMEs to meet the challenges of Brexit. The advisory enterprise supports in relation to business planning will be particularly important in assisting SMEs to diversify their exports so as to reduce their exposure to the UK; and/or re-price their products/services (if possible); and/or restructure their cost bases so they can continue trading with the UK during a period of weaker sterling. These advisory supports will also be important in informing SMEs of private market financial supports and existing State supports that are available.
Last year, the Department of Finance conducted macro-economic analysis on the impact of Brexit, which fed into the Brexit measures in Budget 2017. My Department is also currently working with the Department of Jobs, Enterprise and Innovation and the Strategic Banking Corporation of Ireland to assess the potential impact of Brexit on the SME sector. It is not possible at this time to make definitive predictions of the impact of Brexit on SMEs given the uncertainties surrounding the post Brexit relationship between the UK and the EU.
