Dáil Éireann Debate, Thursday - 14 December 2017
301. Deputy Niall Collins asked the Minister for Business, Enterprise and Innovation when the rescue and restructuring scheme will be operationalised and ready to be availed of by SMEs; if a Supplementary Estimate will be required to finance this scheme in 2018; and the estimated Exchequer funding needed to operationalise this scheme. [53684/17]
Amharc ar fhreagraA Rescue and Restructuring (R&R) Scheme for Ireland was approved by the EU Commission on 30th November 2017 and is now available to SMEs in difficulty. Under the scheme an undertaking is considered to be in difficulty when, without intervention by the State, it will almost certainly be condemned to going out of business in the short or medium term.
This scheme has been put in place as it was considered prudent to have contingency measures in place so that we can respond swiftly to changing circumstances as necessary. However, I do not expect that there will be a need for the State to provide rescue/restructuring aid to companies.
The overall budget for the scheme is €10 million. Any issues with regard to funding for the scheme will be addressed in consultation with the Department of Public Expenditure and Reform.
