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Irish Exporters Association CEO regrets that a State backed Export Credit scheme is left out of the July Stimulus Package

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The Irish Exporters Association welcomes the publication of the Government’s July Jobs Stimulus package, however regrets that the package does not propose the establishment of a State back Export Credit scheme. The association, which made a submission to Government, repeated its calls for the establishment of a State backed Export Credit scheme, the need for access to liquidity and the continuation of the Temporary Wage Subsidy scheme. The association believes that a State backed Export Credit scheme would go a long way in protecting jobs in exporting companies.

The IEA highlighted to Government that the context in which this package comes needs as much consideration as the specific measures proposed, this includes forecasts for the Irish and EU economy, the end of the UK’s transition period on 31st December and the climate crisis. These three issues should continue to guide COVID-19 economic recovery efforts.

Chief Executive Simon McKeever commented: “Uncertainty is the overriding issue for members of the Irish Exporters Association. The July Jobs Stimulus package has, to a degree, bridged the gap of uncertainty however we regret that the package does not include the establishment of a State backed Export Credit scheme, which we have long called for. We call for this to be addressed without haste and hope that the National Economic Plan, due to be published later this year, will address our call.

We welcome commitments made for business loans however we have concerns about the banking sector’s willingness to actually provide lending  in the long term. Specifically, we welcome the €20 million Brexit fund to help SMEs to prepare for new customs arrangements. Businesses will need to be competent in customs documentation and procedures from 1st January 2021 and training is required.

The Stimulus package goes some way in allowing businesses to continue to operate and work towards growing their businesses.“

 

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