The Minister for Finance & Public Expenditure and Reform, Paschal Donohoe TD, has this afternoon (Friday) welcomed statements from the Central Bank of Ireland (CBI) and Revenue Commissioners, which seek to give clarity and reassurance to those businesses and households who may be impacted by the outbreak of COVID-19.
Revenue has outlined a number of measures, dealing with, among other things, VAT returns and tax clearance certs, as well as detailing advice aimed at assisting SMEs who may be experiencing cashflow and trading difficulties as a result of the impact of COVID-19.
Similarly, the Central Bank of Ireland has outlined the impact the measures announced by the European Central Bank yesterday should have on those businesses and households who may be experiencing disruption as a result of the spread of the virus. The Bank will continue to monitor the situation to ensure that the financial system has the ability to respond to the needs of businesses and citizens during this time.
For its part, the Department of Finance has, in the absence of the availability of timely information on the real economy, undertaken to monitor daily financial market data to assess the expected development on the broader economy. This covers financial market indicators such as the main equity markets, selected sovereign bond yields, exchange rates and oil prices along with key leading economic indicators such as purchasing managers indices (PMIs), retail sales, car sales and aggregate tax receipts.
Minister Donohoe said: