Dáil Éireann Debate, Thursday - 14 February 2019
66. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he continues to be in contact with all relevant bodies and agencies in the preparation of the post-Brexit conditions; and if he will make a statement on the matter. [7616/19]
Amharc ar fhreagraThe Deputy will be aware that Brexit has implications across almost all sectors of the economy. Since the UK referendum, Brexit is an integral part of business planning in the Department of Finance and issues relating to Brexit are mainstreamed across all divisions of my Department. In this context, I meet and engage on an ongoing basis with my officials on issues linked to Brexit.
As Minister for Finance, my objective is to protect the economic and financial interests of the State and to support the work of the Revenue Commissioners so as to minimise the Brexit disruption to trade, to the greatest extent possible.
My Department is working within the whole-of-Government approach and coordinating closely with its agencies who are developing and implementing plans and measures to protect our economy. I recently met with the Chief Executive of the NTMA, the Chairman of the Revenue Commissioners and the Deputy Governor of the Central Bank. All are engaging closely in the overall whole- of- Government preparations, and are confident that they have put appropriate contingency measures in place to do everything possible to limit the inevitable disruption to consumers and trade, in the event of a no deal Brexit.
The Central Bank has statutory responsibility for financial stability and has been focused on Brexit since before the UK referendum. It is working closely with financial services firms to ensure that they have contingency plans in place for end March 2019, and that they are adequately prepared to cope with the possible effects of Brexit, with as little disruption for consumers as possible. On the basis of its work and engagement across the sector, the Central Bank has been able to assure me that, while some level of market disruption is inevitable, the financial system as a whole should be resilient enough to withstand a hard Brexit and that the most material ‘cliff edge’ financial stability risks arising from Brexit have been largely mitigated.
Within Revenue, there is a very significant programme of work that has been ongoing in terms of ICT, staffing and engagement across the country with the business community. Revenue have invested in scaling up its Customs ICT framework to deal with the anticipated increase in customs declarations and have accelerated and expanded their recruitment and training schedules to be ready for March 2019 and are on track to have over 400 additional staff in place by the end of March 2019. Revenue is working hard to support trade and businesses to be as prepared as possible and to deal with the outcome of unfolding developments through engagement with trade representative bodies, participation in and organization of events and seminars around the country and targeted correspondence to reach large and small traders across the country who do business with the UK.
In relation to the funding of the State, the NTMA’s strategy continues to take account of the market dislocation risks posed by Brexit and the Exchequer’s funding position is strong with significant holdings of cash.
I am satisfied that the Department and its relevant agencies are continuing to work to ensure that they as prepared as possible to limit the inevitable disruption to consumers and trade, post Brexit.
