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 to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates.
|03 - Direct long-term lending info_outline||EUR1,057,600,000||USD1,169,911,504|
|03A - Long-term lending info_outline||EUR1,057,600,000||USD1,169,911,504||
(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 loans with interest rates dropped from 7.8% to 4.5%.
|03B - Forbearance|
|04 - Equity support info_outline||EUR2,000,000,000||USD2,212,389,381||
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.
|05 - Government support to income/revenue||EUR9,791,000,000||USD10,830,752,212|
|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 4th, EUR200 million for the COVID Products Scheme, a grant aid for companies developing or producing medicinal products used in the fight against COVID-19 [update]
|05B - Non-health||EUR8,586,000,000||USD9,497,787,611||
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. June 23, Changes to the Temporary Wage Subsidy Scheme to accommodate apprentices on off-the-job training. No amount/estimate: (i) Local Enterprise Offices in every county will be providing vouchers from EUR2,500 up to EUR10,000; (ii) a Finance in Focus grant of EUR7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients; (iii) 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; (iv) 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; (v) 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; (vi) 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 ; (vii) 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; (viii) 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 ; (ix) 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.
|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|
|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 announced a gradual reopening plan starting on May 18th. The “stay-at-home” order is eased in five phases three weeks apart: phase 1)has started last Monday includes return of outdoor workers and small groups of family and friends are permitted to meet in the open; in phase 2) small retail outlets and marts where social distancing is possible can reopen; 3) cafes and restaurants may reopen; (4) return to work for those who cannot work from home; phase 5) envisages return to work across all sectors. Schools and colleges will re-open at the beginning of the next academic year in September and October. These phases may have to be reversed back if the rate of the infection increases significantly as the lockdown is eased. Similarly, the government may speed up the plan if Covid cases continue to fall.