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Ireland is ready to secure € 2.5 billion of EU funding to cover the cost of the Covid-19 Temporary Wage Subsidy Scheme.
The money will come from SURE, a 100 billion euro fund created by the EU to help member states cover the cost of supporting employment through the Covid-19 pandemic.
Ireland, among other Member States, submitted a request for funding to cover part of the cost of the Temporary Wage Subsidy Scheme, which has since been replaced by the Labor Wage Subsidy Scheme.
In a statement, the European Commission said it had submitted a proposal to the European Council to provide the 2.5 billion euros requested from Ireland under SURE.
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However, the Council has yet to approve the proposal, which is believed to be likely to do so. Then the money will be provided through a low-cost loan next year.
Recently, € 17 billion was loaned to Italy, Spain and Poland through the SURE program.
It is understood that the maturity of the loans can range between 15 and 25 years.
The Commission has already proposed more than € 90 billion from the € 100 billion fund.
The European Commission has successfully carried out two issues of so-called Eurobonds in recent weeks to finance the instrument.
The legislative change was necessary here in Ireland to allow the state to have access to funding and that process is now complete.
Meanwhile, the European Commission is expected to present plans for a € 5 billion Brexit fund for member states hardest hit by Britain’s withdrawal from the EU.
The so-called Brexit Adjustment Reserve was agreed as part of the EU’s seven-year budget, which was finalized during negotiations between the European Parliament, the Commission and member states last week.
Ireland is one of several countries, including France, Belgium, Denmark and the Netherlands, that hope to secure a significant portion of the fund.
Additional information: Tony Connelly
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