Other ADB Members

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 34,129.25
% of GDP (2019): 9.00%
% of Regional Total Package: N/A
Package Per Capita in USD: 6,906.74
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
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
02B1 - Interest rate adjustments
02B2 - Other policies to support long-term lending

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

2 May 2020, 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. 21 July 2020, 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. 28 November 2020, government agrees to extend COVID-19 Credit Guarantee Scheme until the 30th of June 2021 and redundancy provisions until 31st March 2021.

03 - Direct long-term lending info_outline EUR1,611,600,000 USD1,782,743,363
03A - Long-term lending info_outline EUR1,611,600,000 USD1,782,743,363

(i) 9 March 2020, 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; (ii) 8 April 2020, EUR650 million for the SBCI's working capital and longer-term loan schemes; (iii) 8 April 2020, 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%. 31 August 2020, 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; (vi) 30 July 2020, 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; (vii) 13 October 2020, Government presented 2021 budget including additional measures for COVID response: EUR39 million in continued access to low cost loans for business.

03B - Forbearance
04 - Equity support info_outline EUR2,012,000,000 USD2,225,663,717

(i) 2 May 2020, 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) 7 July 2020, Enterprise Ireland EUR2 million Competitive Start Fund will open to applications for two competitions which 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 - Health and income support EUR25,229,238,000 USD27,908,449,115
05A - Health support EUR3,635,000,000 USD4,021,017,699

(i) 9 March 2020, The government has so far announced a stimulus package of EUR6.3 billion (3.2% of GDP) in response to the COVID-19 pandemic which includes EUR2.4 billion for illness benefit payments. 3 March 2021, The support has been extended until 30 June 2021, for which the cost will depend on the incidence of the disease in the period ahead; (ii) Extra funding of EUR1 billion (0.5% of GNI) to the Health Service Executive for improving capacity in the health service;  (iii) EUR5 million allocate for 26 COVID-19 research projects; (iv) 4 June 2020, EUR200 million for the COVID Products Scheme, a grant aid for companies developing or producing medicinal products used in the fight against COVID-19; (iv) 13 October 2020, Government presented 2021 budget including additional measures for COVID response: EUR30 million for applied research in the pharmaceutical and healthcare industry.

05B - Income support EUR21,594,238,000 USD23,887,431,416
05B1 - Tax and contribution deferrals and policy changes

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 2020; 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.

05B2 - Tax and contribution rates reduction EUR2,000,000,000 USD2,212,389,381

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.

05B3 - Subsidies to individuals and households EUR7,502,938,000 USD8,299,710,177

(i) 16 March 2020, The government has established the Pandemic Unemployment Payment (PUP) as an emergency support for workers, including the self-employed, who have lost their jobs as a result of the pandemic. This has cost approximately EUR5.9 billion so far. 3 March 2021, The support has been extended until 30 June 2021, with an estimated cost of EUR1.6 billion; (ii) 6 August 2020, 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 organizations across the country; (iii) 7 August 2020, Minister for Children, Disability, Equality and Integration, announced funding of over EUR618,000 which is being allocated by Tusla to Family Resource Centers (FRCs) across the country.

05B4 - Subsidies to businesses EUR11,278,000,000 USD12,475,663,717

(i) 9 March 2020, The government has so far announced a stimulus package of EUR6.3 billion (3.2% of GDP) in response to the COVID-19 pandemic which includes EUR3.7 billion announced on 24 March 2020 to cover the cost of a new Wage Subsidy Scheme. 23 June 2020, Changes to the Temporary Wage Subsidy Scheme (TWSS) to accommodate apprentices on off-the-job training. 1 September 2020, Employment Wage Subsidy Scheme (EWSS) replaces TWSS. Employers and new firms in sectors impacted by COVID-19 whose turnover has fallen 30% will get a flat-rate subsidy per week based on the number of qualifying employees on the payroll, including seasonal staff and new employees. 3 March 2021, EWSS is extended until 30 June 2021 with an estimated cost EUR1.3 billion; (ii) 2 May 2020, EUR250 million "Restart Grant" for micro and small businesses based on a rates/waiver rebate from 2019. 15 May 2020, 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 EUR5 million and employing 50 people or less, with at least 25% reduction in turnover by 30 June 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, 22 May 2020. 10 August 2020, 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 (For details, see: https://bit.ly/30Rf5e1); (iii) 23 July 2020, EUR5.4 billion Jobs Stimulus to help businesses re-open, get people back to work and promote confidence. 12 August 2020, Enterprise, Trade and Employment, launched a new EUR12 million Enterprise Centre Fund (which is part of the July Stimulus package) to help enterprise centers impacted by the COVID-19 pandemic. The Fund is open to both not-for-profit and for-profit enterprise centers which have seen their income significantly impacted as a result of the COVID-19 pandemic. Grant funding of between EUR10,000 and EUR150,000 is available. The grants will help them implement a recovery plan to reboot their centers over the next six to twelve months. 20 August 2020, 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; (iv) 14 August 2020, 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 prioritized 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; (v) 28 August 2020, 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; (vi) 13 October 2020, Government presented 2021 budget including additional measures for COVID response: EUR10 million to help businesses move online with the Online Retail Scheme; (vii) No amount/estimate: 6 November 2020, launch of the COVID Restirctions Support Scheme (CRSS) which is targeted for businesses significantly impacted by restrictions introduced by the government under public health regulations to combat the effects of the COVID-19 pandemic [update]; (viii) 10 November 2020, A revised EUR80 million operational and capital support for Irish aviation. 24 February 2021, EUR26 million of the (EUR80 million) State aid support for airports has been approved by the EC; (ix) 9 February 2021, EUR160 million grant to help businesses of which: EUR10 million will be allocated to the COVID-19 Products Scheme. Firms researching or manufacturing PPE, sanitizers, tests, equipment or other medicinal products are eligible for funding of up to 50% of their capital costs; EUR60 million for the COVID-19 Business Aid Scheme (CBAS) to provide grants to businesses ineligible for the government’s other existing schemes designed to help with fixed costs. Wholesalers, suppliers, caterers and events companies down 75% or more in turnover will benefit; and additional EUR90 million for the Sustaining Enterprise Fund, which offers funding of up to EUR800,000, with EUR200,000 or 50% in non-repayable grants to eligible manufacturing and internationally traded services companies; (x) 9 February 2021, EUR60 million for the COVID-19 Business Aid Scheme (CBAS) to provide grants to businesses ineligible for the government’s other existing schemes designed to help with fixed costs. Wholesalers, suppliers, caterers and events companies down 75% or more in turnover will benefit. 11 March 2021. CBAS was changed to SBASC (Small Business Assistance Scheme for COVID) [update].

05B5 - Indirect income support EUR613,300,000 USD678,429,204

(i) 9 June 2020, 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; (ii) EUR6 million Enterprise Ireland funding for access to cutting edge R&D equipment in Technology Gateways and centers to increase R&D collaboration and competitiveness for companies; (iii) 2 July 2020, EUR6.5 million funding to digitalize sales for retailers; (iv) EUR2.8 million package to assist libraries to adapt to COVID-19 has been announced by the Minister for Rural and Community Development; (v) 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; (vi) 22 July 2020, 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. 27 August 2020, 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.

05B6 - No breakdown (income support) EUR200,000,000 USD221,238,938

(i) 9 March 2020, The government has so far announced a stimulus package of EUR6.3 billion (3.2% of GDP) in response to the COVID-19 pandemic which includes EUR200 million direct financial support for businesses.

05C - No breakdown (health and income support)
06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending and reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received EUR4,704,000,000 USD5,203,539,823
08A - Swaps info_outline
08B - International loans/grants EUR4,704,000,000 USD5,203,539,823
08B1 - Asian Development Bank
08B2 - Other EUR4,704,000,000 USD5,203,539,823

(i) GBP3.2 billion (about EUR3.704) of UK's bilateral loan to Ireland as part of an international assistance package; (ii) 21 September 2020, EIB expects to provide more than EUR1 billion to support new COVID-19 and Brexit business financing programmes, climate action and education investment in Ireland in 2020 and work closely with Irish authorities to implement the National Recovery Plan.

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

28 July 2020, 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
12A - Measures affecting travel and transport (local and international)

(i) The government has implemented a wide range of health and containment measures. On 27 March 2020, 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 5 May 2020, additionally the government has announced that events with over 5,000 people will not be permitted until the end of August; (ii) On 5 October 2020, the level of restrictions was raised from 2 to 3 due to a surge in new cases (infection incidence rate has tripled from 31 to 109 per 100,000 in the last two weeks), implying traveling restrictions outside county/region, a ban on indoor gatherings and sport events, additional restrictions on restaurants and bars; (iii) On 19 October 2020, the government made a decision to move to the highest level 5 restrictions from the level 3 introduced on 5 October 2020 due to a surge in new cases. This implies traveling restrictions within 5 km, closure of non-essential retail and personal services, a ban on indoor/outdoor gatherings, restaurants and bars can only offer take-away, construction and manufacturing will be allowed to operate, schools and childcare centers will remain open; (vi) 20 December 2020, in response to the identification of a new strain of COVID-19 in the South-East of England, the government has announced a ban on all flights arriving into Ireland from Great Britain with effect from midnight of 20 December 2020; (vii) 22 December 2020, Ireland’s was put on Level 5 restrictions from midnight on 24 December until 12 January with specific adjustments – residents must remain within their county (as opposed to within 5km of their home) apart from travel for work, education or other essential purposes. The government has also agreed that the current restrictions on travel from Britain to Ireland should remain in place until at least 31 December 2020; (viii) 5 January 2021, from 8 January 2021, the “stay at home” advice will become legally enforceable. People must have a “reasonable excuse” to be away from their home; (ix) 7 January 2021, schools will remain closed from 11 January 2021 to reduce mobility in the community.

12B - Measures affecting business and workplace

(i) The government has implemented a wide range of health and containment measures. On 27 March 2020, 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 5 May 2020, additionally the government has announced that events with over 5,000 people will not be permitted until the end of August; (ii) The authorities have started a five-phase reopening on 18 May 2020. 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 8 June 2020, 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 29 June 2020, most businesses have reopened with social distancing measures put in place; in phase (4) effective as of 20 July 2020, envisages a continued phased return to work across all sectors. The final phase was delayed due to the rebound in community transmission. In August, government adapted a medium-term national framework for living with COVID-19. It consists of five levels depending on the pandemic indicators, with lower level having less social restriction; (iii) On 5 October 2020, the level of restrictions was raised from 2 to 3 due to a surge in new cases (infection incidence rate has tripled from 31 to 109 per 100,000 in the last two weeks), implying traveling restrictions outside county/region, a ban on indoor gatherings and sport events, additional restrictions on restaurants and bars; (iv) On 19 October 2020, the government made a decision to move to the highest level 5 restrictions from the level 3 introduced on 5 October 2020 due to a surge in new cases. This implies traveling restrictions within 5 km, closure of non-essential retail and personal services, a ban on indoor/outdoor gatherings, restaurants and bars can only offer take-away, construction and manufacturing will be allowed to operate, schools and childcare centers will remain open; (v) After 6 weeks (in December), Ireland's second lockdown ended moving from Level 5 to Level 3 restrictions - non-essential retail outlets, churches, gyms, hairdressers and other businesses allowed to open. Social distancing measures remain in place and household visit are prohibited until 18 December 2020; (vi) 22 December 2020, Ireland was put on Level 5 restrictions from midnight on 24 December until 12 January with specific adjustments - non-essential retail may remain open but the retail sector will be requested to defer January sales events, gyms, leisure centers and swimming pools may remain open for individual training only, outdoor golf and tennis are permitted with a maximum of 2 household participants, hotels may only open for essential non-social and non-tourist purposes except for guests who already have a booking and are due to check in up to and including 26 December. Transitional arrangements were also put in place for the Christmas period.

12C - Others