Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR2,000,000,000||USD2,212,389,381|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline||
No amount/estimate: the Central Bank has cut the Counter Cyclical Capital Buffer from 1% to 0%. This decision will free up bank capital that can be used to provide credit, and to restructure and extend the loans of bank customers, both individuals and SMEs.
|02C - Loan guarantees||EUR2,000,000,000||USD2,212,389,381||
EUR2 billion COVID-19 Credit Guarantee Scheme (CGS) to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates. July 21, the Government introduced the Credit Guarantee (Amendment) Bill to the Dáil at second stage, an important step in bringing into effect the EUR2 billion COVID-19 CGS. This will ensure the availability of loans of up to six years at a discounted rate with the State acting as guarantor for 80% of each individual loan .
|03 - Direct long-term lending info_outline||EUR1,572,600,000||USD1,739,601,770|
|03A - Long-term lending info_outline||EUR1,572,600,000||USD1,739,601,770||
(i) March 9, EUR200 million for the Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms. The scheme would offer loans repayable over a period of 18 months; April 8, (ii) EUR650 million for the SBCI's working capital and longer-term loan schemes; (iii) EUR180 million Sustaining Enterprise Fund for firms in the manufacturing and international services sectors; (iv) EUR7.6 million funding support for online trading; (v) EUR20 million for Microfinance Ireland for COVID-19 loans with interest rates dropped from 7.8% to 4.5%. August 31, The Tánaiste and Minister for Enterprise, Trade and Employment, announced that EUR15 million is being made available to re-open the Covid-19 Loan Fund which assists businesses with fewer than ten employees, which have been impacted negatively by Covid-19. It provides much-needed funding to help microenterprises meet payments for stock, working capital requirements and other overhead expenses through the provision of low-cost lending facilities, which include a six-month repayment free moratorium and the equivalent of one year interest free (subject to terms and conditions) with rates as low as 4.5% for the remaining period of the loan. The Covid-19 Loan scheme has seen a very strong uptake in recent months, with EUR18.6 million sanctioned to 683 businesses up to 31 July 2020 [update]; (vi) July 30, EUR500 million expansion to the Future Growth Loan Scheme, the government’s scheme to support SMEs, farmers and fishing. The additional funding will be provided by the European Investment Bank Group.
|03B - Forbearance|
|04 - Equity support info_outline||EUR2,012,000,000||USD2,225,663,717||
(i) EUR2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), which will make capital available to medium and large enterprises on commercial terms; (ii) July 7, Enterprise Ireland EUR2 million Competitive Start Fund will open to applications for two competitionswhich will approve up to forty investments – the ‘All Sectors’ competition and a ‘Women Entrepreneurs’ Competition. Each of the two EUR1,000,000 funds being launched will provide up to EUR50,000 in equity funding to successful projects ; (iii) EUR10 million in funding for the Seed and Venture Capital sector through Enterprise Ireland as a top-up to existing funds and leveraging a combined additional pool of investment of EUR55 million, as part of commitment to innovation driven enterprises.
|05 - Government support to income/revenue||EUR16,089,238,000||USD17,797,829,646|
|05A - Health||EUR1,205,000,000||USD1,332,964,602||
(i) Extra funding of EUR1 billion (0.5% of GNI) to the Health Service Executive for improving capacity in the health service; (ii) EUR5 million allocate for 26 COVID-19 research projects; (iii) June 4, EUR200 million for the COVID Products Scheme, a grant aid for companies developing or producing medicinal products used in the fight against COVID-19.
|05B - Non-health||EUR14,884,238,000||USD16,464,865,044||
(i) March 9, The government has so far announced a stimulus package of EUR6.3 billion (3.2% of GDP) in response to the COVID-19 pandemic. It includes EUR2.4 billion for illness benefit payments announced on 9 March, as well as a further EUR3.7 billion announced on 24 March to cover the cost of a new Wage Subsidy Scheme. The government has also announced direct financial support for businesses; (ii) May 2, EUR250 million "Restart Grant" for micro and small businesses based on a rates/waiver rebate from 2019. 15 May, Approved details of the "Restart Grant" for small businesses (for costs associated with reopening and reemploying workers). Grants will be available to businesses with turnover of less than EUR 5 million and employing 50 people or less, with at least 25% reduction in turnover by June 30, 2020. The grants will be equivalent to the rates bill of the business in 2019, with a minimum payment of EUR 2,000 and maximum of EUR 10,000. Applications open on Friday, May 22, 2020. August 10, Minister for Enterprise, Trade and Employment announced key changes to the "Restart Grant" scheme including EUR300 million additional funding in addition to EUR250 million previously committed. See other details in this link: https://bit.ly/30Rf5e1; (iii) No amount/estimate: Local Enterprise Offices in every county will be providing vouchers from EUR2,500 up to EUR10,000; a Finance in Focus grant of EUR7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients; the government agreed with local authorities that they should defer business rates payments due from the most immediately affected businesses until the end of May; variety of taxation measures to alleviate short-term difficulties. For example, interest on late payments and all debt enforcement activity have been suspended and current tax clearance status will remain in place for all businesses; moratoriums on evictions and rent increases for duration of Covid emergency. The Commission for Regulation of Utilities has issued a moratorium on disconnections of domestic customers for non-payment to the gas and electricity suppliers; (iv) June 23, Changes to the Temporary Wage Subsidy Scheme to accommodate apprentices on off-the-job training; (v) EUR2 billion (estimate) for a three month commercial rates waiver for impacted businesses and the ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue and no interest charge accruing in respect of the warehoused debt; (vi) June 9, EUR30 million for the Rural Development Investment Programme under Project Ireland 2040 to support the social and economic recovery of rural communities over the coming months; (vii) EUR6 million Enterprise Ireland funding for access to cutting edge R&D equipment in Technology Gateways and Centres to increase R&D collaboration and competitiveness for companies; (viii) July 2, EUR6.5 million funding to digitalize sales for retailers; (ix) July 22, Minister for Further and Higher Education, Research, Innovation and Science announced a EUR168 million package of support to costs incurred by third level institutions during the Covid-19 pandemic and enable further and higher education students to return to college this September. August 27, Minister for Further and Higher Education, Research, Innovation and Science, announced an additional allocation of EUR25 million for capital works and equipment in higher education institutions [update]; (x) July 23, EUR5.4 billion Jobs Stimulus to help businesses re-open, get people back to work and promote confidence. August 12, Enterprise, Trade and Employment, launched a new EUR12 million Enterprise Centre Fund (which is part of the July Stimulus package) to help enterprise centres impacted by the Covid-19 pandemic. The Fund is open to both not-for-profit and for-profit enterprise centres which have seen their income significantly impacted as a result of the Covid-19 pandemic. Grant funding of between €10,000 and €150,000 is available. The grants will help them implement a recovery plan to reboot their centres over the next six to twelve months. August 20, Minister of State for Business, Employment and Retail, launched a new EUR5.5 million Covid-19 Online Retail Scheme as announced in the Government’s July Jobs Stimulus package; (xi) August 7, Minister for Children, Disability, Equality and Integration, announced funding of over EUR618,000 which is being allocated by Tusla to Family Resource Centres (FRCs) across the country; (xii) August 6, The Minister for Children, Disability, Equality and Integration announced over EUR2.32 million in capital grant funding for 147 targeted staff-led youth projects/services and 25 national youth organisations across the country; (xiii) EUR2.8 million package to assist libraries to adapt to Covid-19 has been announced by the Minister for Rural and Community Development ; (xiv) Government approves over EUR375 million support package and publishes Roadmap to enable safe return of schools. See details in this link: https://bit.ly/3iE7oO6 ; (xv) August 14, Announced a package of measures for businesses in Kildare, Laois and Offaly, which have been adversely impacted by renewed Covid 19 restrictions. Eligible businesses will now be entitled to a 20% top-up, bringing the new minimum for affected counties to EUR4,800 and the new maximum to EUR30,000. Those that applied and received a grant previously, can re-apply and receive a second grant, with 20% additional on the new rate. EUR1 million is being ring-fenced for the Local Enterprise Offices (LEOs) in the three counties to increase engagement with local businesses to ensure they are aware of the loans, grants and vouchers they are entitled to. Applications from affected counties will be prioritised for all existing schemes, including the Sustaining Enterprise Fund. Fáilte Ireland is being allocated EUR1 million to undertake a promotional campaign focused on increasing the appeal of these counties to visitors and drive bookings; (xvi) August 28, EUR16 million package for pubs, bars, and nightclubs. This includes waiver of court fees and associated excise and stamp duties relating to the renewal of pub and other liquor licenses in 2020 and of excise duty on on-trade liquor licenses on renewal in 2020 [update].
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received||EUR3,704,000,000||USD4,097,345,133|
|08A - Swaps info_outline|
|08B - International loans/grants||EUR3,704,000,000||USD4,097,345,133||
GBP3.2 billion (about EUR3.704) of UK's bilateral loan to Ireland as part of an international assistance package.
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown||
No amount/estimate: A three month commercial rates waiver for impacted businesses.
|11 - Other Economic Measures||EUR1,000,000||USD1,106,195||
July 28, The Minister for Public Expenditure and Reform, announced the 34 diverse projects that have successfully secured funding from this year’s call under the Public Service Innovation Fund (EUR1 million), an initiative of the Our Public Service 2020 reform strategy for development and innovation in the Public Service .
|12 - Non-Economic Measures||
The government has implemented a wide range of health and containment measures. On March 27, the government has issued strict restrictions on business activity, social distancing and travel - everyone is to stay at home wherever possible with only few exceptions i) to travel to or from work for those providing an essential service; ii) shop for food and medicines; iii) to carry out vital services like caring; iv) brief individual exercise within 2km; v) farming. These measures were extended until May 5th, additionally the government has announced that events with over 5,000 people will not be permitted until the end of August. The authorities have started a five-phase reopening on May 18. Phase (1) included the return of outdoor workers, and small groups of family and friends were permitted to meet in the open; in phase (2) effective as of June 8, small retail outlets and marts where social distancing is possible reopened. With declining infections and increased testing, the authorities have accelerated the initial reopening plan: in phase (3), which took effect on June 29, most businesses have reopened with social distancing measures put in place; in phase (4) effective as of July 20, envisages a continued phased return to work across all sectors. The final phase that allows return to work across all sectors was delayed by three weeks due to the increased community transmission. Schools and colleges will reopen at the beginning of the next academic year in September and October.