Balance of payments still in Ireland’s favour

I BELIEVE it is important to point out that Ireland is still a net beneficiary from the EU annual budget.

Last year we contributed €1.7bn towards the EU budget and we received €2.16bn from the EU under the common agricultural policy, the European social fund, research and technology funding and for cross-border development initiatives.

This means Ireland is a net beneficiary from the EU to the value of €460m a year. In overall terms, we have received €62bn since joining the EU and we have contributed €21bn towards the EU budget over the past 36 years. This means Ireland has secured €41bn from Europe in net transfers since joining the EEC.