Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure IE-2023-5/3083 – Updated – measures in Ireland
|Country||Ireland , applies nationwide|
|Time period||Temporary, 30 January 2023 – 31 December 2024|
|Context||War in Ukraine|
|Type||Other initiatives or policies|
Supporting businesses to stay afloat
– Access to finance
|Author||Roisin Farelly (IRN Publishing) and Eurofound|
|Measure added||18 February 2023 (updated 11 July 2023)|
Against the background of the ongoing war in Ukraine and the severe rise in energy costs, the government announced a new scheme to assist SMEs impacted. The scheme is considered a central pillar of the government’s response to aid businesses impacted by rapidly rising costs as a result of the invasion of Ukraine.
To give a legislative basis to such a scheme, the Credit Guarantee (Amendment) Bill 2022 was signed into law by the President on 2 December 2022.
The Ukraine Enterprise Crisis Scheme will provide €1.2 billion in reduced interest rate loans to SMEs, farmers and fishers.
The scheme for SMEs, primary producers and small mid-caps (defined as businesses with up to 499 employees). SMEs are expected to be the main beneficiaries.
Loans last for a period of up to six years and cost up to €1 million in total with reduced interest rates. The scheme will run until 31 December 2024.
In order to qualify, the applicant has to declare that costs have increased by a minimum of 10% compared to their 2020 figures and that the loan is being sought specifically as a result of difficulties resulting from the Ukraine crisis.
The government will guarantee 80% of the loan with the lender retaining 20% of the risk of the loan.
The new scheme has been prepared in order to comply with the terms of the European Commission’s Temporary Crisis Framework for State Aid.
|Does not apply to workers||
|Does not apply to citizens|
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Role||No involvement||No involvement|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
No information available.
Eurofound (2023), New loan scheme to help businesses impacted by war in Ukraine, measure IE-2023-5/3083 (measures in Ireland), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/IE-2023-5_3083.html
30 January 2023
Governments across the EU continue to implement policies to support citizens and businesses in the face of rising food and energy prices caused by the COVID-19 crisis and intensified by the war in Ukraine. This article summarises the policy responses as reported in Eurofound's EU PolicyWatch database from January to September 2022.Article
12 September 2022
Although the worldwide pandemic situation had already disrupted supply chains and triggered increases in energy and food prices in 2021, the situation deteriorated in 2022 with the Russian invasion of Ukraine.Article
12 September 2022
This article summarises the first policy responses that governments across the EU have started to implement to support companies affected by the rising prices, and those with commercial ties to Ukraine, Russia or Belarus.Article
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.