Ibec, the group that represents Irish business, is calling for significant new emergency cashflow and liquidity measures from Government in order to support vulnerable businesses.
The package outlined in a new report, if fully utilised, would increase the total Irish Government crisis response support to the economy to about 10% of GDP, bringing Ireland into line with other countries.
Ibec say the State can now provide the benefit of low cost money directly into Irish SMEs and larger businesses in ways that are not possible in normal times. The group says solutions to rents and local rates challenges facing businesses must also be addressed.
Commenting on the package, Ibec Director of Policy and Public Affairs, Fergal O’Brien said, "The total programme of guarantees, loans, and other supports in this Ibec report would help ensure €26.4 billion of liquidity to the economy, but at a maximum would leave the Exchequer exposure at €5.9 billion. Although these are significant sums, there are no cheap alternatives. Without the implementation of these measures the road to recovery from the crisis will be longer and more expensive."