Speaking in the Dáil on Monday, Martin Kenny asked the Taoiseach to push the EU to establish a special fund that can be used to support agriculture and small exporting businesses badly affected by currency changes triggered by Brexit.

The pound is currently trading at a rate of 83p to €1. It plummeted to a 31-year low in the immediate aftermath of the voting result.

During the special debate on the British vote to leave the EU, Deputy Kenny said:

“The Brexit vote in Britain signifies great negativity toward the EU among people all across Europe and this should send a message to all governments about how they operate and conduct EU affairs.

Potential "disaster"

“Economically, Brexit has the potential to be a disaster, but we are where we are and now our responsibility is to ensure that this decision by the British electorate does not adversely affect Ireland, north or south.”

An Taoiseach Enda Kenny will be meeting with other heads of state on Tuesday and Wednesday during a European Council meeting in Brussels.

Martin Kenny has asked that the Taoiseach seeks the establishment of a special EU fund to support agriculture, “as Ireland is in a uniquely difficult place” due to the British exit.

“Our small exporting businesses are also in turmoil with the prospect of border controls and tariffs on trade coming down the line. Currency fluctuations may move profitable export businesses scattered across Ireland into the loss-making bracket. Many may require temporary financial support to survive and continue to employ staff and export product,” he said.

Meanwhile, Fianna Fáil agriculture spokesperson Charlie McConalogue says it is extremely important that Ireland’s agri-food trading relationship with the UK is maintained in the aftermath of Britain’s decision to leave the EU.

Beef farmers will be particularly affected as over half of the total live cattle trade is to the UK

The UK market accounts for over 40% of total exports from Ireland.

Deputy McConalogue said: “The result from Thursday’s referendum is deeply worrying and will present a major threat to farmers right across this island. Recent figures from Teagasc estimate that a Brexit could see a reduction in the value of Irish agri-food exports of up to €800m a year.

“Beef farmers will be particularly affected as over half of the total live cattle trade is to the UK,” he continued.

“The decrease in the value of sterling against the euro this year has already resulted in a 50% reduction of these exports to the UK. Further fluctuations and instability could further weaken the market.”

The Irish Government has adopted a contingency plan that identifies the key policy issues, including agri-food and trade, to be addressed in the wake of Brexit.

Up to Britain to trigger exit process from EU

Speaking before today’s meeting between the European heads of state in Brussels, Donald Tusk, president of the EU Council, said that although Europe is ready to start the divorce process immediately, according to the EU treaties it is the British government who initiates the exit process from the EU.

“Everyone should be aware of this fact, which means that we also have to be patient if there is such a need,” he said. “Without the notification from the UK, we will not start any negotiations on divorce process or on our future relations.”

Meanwhile, in a resolution voted after an extraordinary plenary debate on Tuesday, members of the European Parliament have called for a swift Brexit to end uncertainty.

“The UK must respect the wish of a majority of its citizens, entirely, fully and as soon as possible, by officially withdrawing from the EU before any new relationship arrangements can be made,” MEPs said.

The European Parliament has asked that UK Prime Minister David Cameron triggers article 50 at the European Council meeting this week “to prevent damaging uncertainty for everyone and to protect the Union’s integrity”.

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