Dáil Éireann Debate, Thursday - 9 November 2017
41. Deputy Niall Collins asked the Tánaiste and Minister for Business, Enterprise and Innovation if an application for a rescue and restructure scheme has been sent to the Directorate General for Competition; the details of the scheme; and the likelihood of approval. [47593/17]
Amharc ar fhreagraA Rescue and Restructure scheme was recently notified to the Directorate General for Competition as one element of my Department’s response to the challenges posed by Brexit.
The scheme was notified as a precautionary measure. Since the decision of the UK last July to exit the EU, this Department has been working with Enterprise Ireland and other stakeholders to develop a suite of measures to mitigate the potential effect of Brexit on Irish businesses.
We do not expect that there will be a need for the State to provide rescue/restructuring aid to companies, however, it is prudent to have contingency measures in place, so that we can respond swiftly to changing circumstances as necessary.
Once approved, this scheme will allow for grants or equity supports to SMEs in severe financial distress who satisfy the conditions of the scheme.
The scheme filed is similar to ones that have been approved for other member States (e.g. Northern Ireland) – so my Department officials are confident of the scheme’s approval. However, the ultimate decision lies with DG Competition.
