News & Events

Institute of Directors Reacts to Government's Stimulus Package

23 Jul 2020

The CEO of the Institute of Directors (IoD) in Ireland, which represents over 3,000 business leaders in Ireland, has welcomed the new economic stimulus package announced by the Government this afternoon.

Maura Quinn, Chief Executive of the Institute of Directors in Ireland, said:

“Today’s stimulus package announced by the Government will be key to assisting in overcoming the enormous challenges that lie ahead for Irish business. It is vital, too, that all supports for business are fast-tracked and have in-built flexibility to be adjusted and refined during what still is, and will continue to be, an uncertain environment. Our recent surveys of business leaders have shown that they see COVID-19 as the most significant risk factor to their organisations, but Brexit also looms large on the horizon, and low consumer confidence is an additional threat. Furthermore, as an open economy, we must also recognise that our overseas markets have been similarly impacted.

“Business leaders themselves also have a major role to play and they will need to be agile in addressing change, while being vigilant with dealing with future uncertainties, showing clear leadership and guidance to help direct the recovery. This is a time for an unprecedented level of co-operation between government, regulators, financiers, business, and wider society. We need an ‘all hands on deck’ approach.”

Maura Quinn, added

“The prognosis for the economy will depend largely on how effectively the country can continue to transition out of lockdown. There is no avoiding the fact that this will be a slow, step-by-step process until the end of the year and beyond. Being flexible and adaptable will be key.”