Dáil Éireann Debate, Wednesday - 12 July 2017
137. Deputy Stephen S. Donnelly asked the Minister for Finance the position regarding the development of sectorial response plans to Brexit; the publication date of these plans; and if he will make a statement on the matter. [33339/17]
Amharc ar fhreagraThe Department of Finance is working within the whole-of-Government framework for the preparation of sectoral Brexit response plans. This is to ensure that that Ireland will be in a position to counter negative economic impacts arising from Brexit, that Ireland's interests are protected in the negotiations at EU level and also that Ireland can seek to maximise opportunities arising, including in the financial services sector.
The Department of Finance has been assessing and preparing for the impact of Brexit since well before the UK referendum in June 2016. Work was carried out in the Department to assess the potential economic and financial sector implications arising, including the study, published in November 2015 under the ESRI-Department of Finance research programme, entitled 'Scoping the Possible Economic Implications of Brexit on Ireland'. Following the referendum, Budget 2017 included a number of measures to respond to the challenges of Brexit, including measures to support SMEs, entrepreneurship, agri-food and Irish exporters. These measures were informed by the Department's sectoral exposure analysis published with Budget 2017. Additional research work on Modelling the Medium to Long Term Potential Macroeconomic Impact of Brexit on Ireland was published in November 2016 and an updated sectoral exposure analysis in March 2017.
The Department of Finance contingency work is mainstreamed across all divisions and focusses on economic and financial sector impacts. The Department will continue to carry out the necessary research, analysis and consultations, and to develop budgetary policy in the context of Brexit.
