The context the European Union summit deal sets for the European agenda in the next couple of years is much more important for Ireland than the cash we will get. This is much more financially significant for Ireland that the cash benefits from the new deal – though this was always going to be the case. Ireland is one of the richer member states and this deal is designed to help the poorer ones. Ireland suffered in the original proposed allocation mechanism drawn up by the European Commission, largely because our inflated GDP level leaves Ireland looking richer than it is. Whether Ireland would avail of the loans part of the deal is unclear – at the moment the State can borrow very cheaply on the markets.

Source: The Irish Times July 21, 2020 11:29 UTC