The Minister for Finance, Paschal Donohoe TD, welcomed the preliminary agreement reached by the Council of the EU and the European Parliament for the Brexit Adjustment Reserve (BAR). Under the proposal, Ireland will be allocated over €1 billion of the available €5.34 billion.
Speaking in Luxembourg, the Minister for Finance Paschal Donohoe said: “The significant allocation of this Special Instrument to Ireland recognises the disproportionate impact of Brexit on key sectors. With today’s agreement we are much closer to funds being disbursed before the end of 2021 and that is most welcome. I want to thank the Portuguese Presidency of the Council for steering the discussions on the BAR to a successful conclusion.”
The next steps in finalising the process requires that the preliminary agreement between the Portuguese presidency of the Council and negotiators from the European Parliament must be endorsed by the two institutions, before they can proceed to adoption of the regulation. This is expected to take place very soon.
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