Minister for Finance Paschal Donohoe says that he is engaging with the European Commission and working hard to protect Ireland's share of the Brexit Adjustment Reserve (BAR) fund.
He also said that he is aware of the consequences if there was a material change to the fund.
The Minister was responding to a question from Irish Farmers Journal editor Justin McCarthy in an online event - Europe, COVID and the Euro Confirmation - where he was participating as president of the Eurogroup of Finance Ministers.
The €5bn BAR was created as part of the EU response to Brexit and allocations were announced in the aftermath of the trade and co-operation agreement between the EU and UK, with €1bn earmarked for Ireland.
Allocations
The allocations were agreed by the Commission, but have not been signed off by member state governments yet and France is reported to be looking for a different allocation methodology that would reduce Ireland’s share.
This fund was created on the basis of being available to provide support for countries and industries that are most impacted by Brexit.
The fishing sector has made a strong case, but in the case of Ireland, it is agriculture - the beef sector in particular - that is most exposed.
The major export sectors of the Irish economy, such as pharmaceuticals and technology, are not exposed to Brexit given their international dimension, whereas Britain is the main destination for Irish agri food exports.
With the BAR fund targeted particularly at agriculture, any reduction will impact farmers.
Read more
GDP measurement punishes Ireland disproportionately
Sharing of Brexit adjustment reserve fund
Beef farmers must be first in line for Brexit adjustment reserve
Minister for Finance Paschal Donohoe says that he is engaging with the European Commission and working hard to protect Ireland's share of the Brexit Adjustment Reserve (BAR) fund.
He also said that he is aware of the consequences if there was a material change to the fund.
The Minister was responding to a question from Irish Farmers Journal editor Justin McCarthy in an online event - Europe, COVID and the Euro Confirmation - where he was participating as president of the Eurogroup of Finance Ministers.
The €5bn BAR was created as part of the EU response to Brexit and allocations were announced in the aftermath of the trade and co-operation agreement between the EU and UK, with €1bn earmarked for Ireland.
Allocations
The allocations were agreed by the Commission, but have not been signed off by member state governments yet and France is reported to be looking for a different allocation methodology that would reduce Ireland’s share.
This fund was created on the basis of being available to provide support for countries and industries that are most impacted by Brexit.
The fishing sector has made a strong case, but in the case of Ireland, it is agriculture - the beef sector in particular - that is most exposed.
The major export sectors of the Irish economy, such as pharmaceuticals and technology, are not exposed to Brexit given their international dimension, whereas Britain is the main destination for Irish agri food exports.
With the BAR fund targeted particularly at agriculture, any reduction will impact farmers.
Read more
GDP measurement punishes Ireland disproportionately
Sharing of Brexit adjustment reserve fund
Beef farmers must be first in line for Brexit adjustment reserve
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