Kenny says post-Brexit low interest credit facilities considered

The Government is considering putting in place long-term low interest credit facilities for businesses in the aftermath of Brexit, Taoiseach Enda Kenny has said.

“We have our people working on that,’’ he said. Sterling fluctuated every time a comment was made about Brexit, he said.

Mr Kenny told the Dáil on Wednesday that the Government had been planning for possible contingencies long before the Brexit vote.

“What is the Brexit issue ? Is it a hard border, is it a soft border…is it a situation the UK want access to the single market ?’’ he asked.

Mr Kenny said the situation would be fluid until the British prime minister moved Article 50 triggering withdrawal from the EU.

He said the Government was conscious that currency fluctuations might have a serious impact on businesses here

Personnel from Government departments, and the strategic banking corporation, he said, had been to Brussels to make arrangements for credit at long-term low interest for businesses that would suffer here.

He said €1 million had been ringfenced for that in the budget.

Mr Kenny said he would continue to brief Opposition leaders on the issue.

He was replying to Fianna Fáil leader Micheal Martin who asked if the Government was going to provide a currency crisis package for Irish industry. One of the most disappointing aspects of the budget was the lack of a substantial response to the Brexit challenges, Mr Martin said.

What emerged, was mere tokenism and pathetic, he said. The measures introduced would have happened anyway, he added.