There has been significant work at the national and EU level to ensure continuity of service across banking, payments, insurance and financial markets post-Brexit.
It is expected that customers of financial and banking services will see limited, if any, changes.
Your bank or financial institution
The majority of firms providing financial and banking services into the Irish market from the UK are taking steps to ensure continuity of service after the transition period.
However, in the absence of an EU-UK future relationship agreement, UK financial services firms will lose their right to conduct business in Ireland (after the transition period) unless they take adequate steps to be authorised to operate in the EU. We expect that the majority of firms will take appropriate action to continue to provide services across the EU.
The EU’s aim is to build a future partnership with the UK that is as close as possible, while recognising that the same level of access and integration will not be possible when the UK becomes a third country.
Customers are advised to contact their banking/financial services providers if they have any concerns.
SEPA is the Single Euro Payments Area which enables payment transfers in euro between accounts in SEPA countries.
The UK Government has committed to keeping its payment rules in line with SEPA in order to continue its access after the transition period. Continued access has now been approved and Brexit should not affect transfers in euro moving between accounts in the UK and accounts in the EU.
The majority of insurance firms selling policies from the UK and Gibraltar into Ireland are implementing plans to ensure service continuity after the transition period.
UK and Gibraltar-based insurers may continue writing business into Ireland until the end of the Withdrawal Agreement transition period, which is currently set to be 31 December 2020. The status of these insurers and insurance contracts following this date may be subject to agreement as part of the next stage of negotiations between the EU and the UK. However, if required, the Government may consider new legislation to protect consumers to ensure continuity of service for existing contracts after the transition period.
The Central Bank advises that if you have any concerns about your insurance policy, you should contact your insurance provider.
The Government has planned legislation to facilitate the migration of Irish listed securities to an alternative Central Securities Depository.
The majority of businesses that trade with the UK will have contracts in place which set out the law governing their contract and the country whose courts will have jurisdiction to determine any dispute with the contract. This is common in any cross border commercial contract and will not be affected by Brexit.
Sterling and euro volatility remains a key concern and challenge for all Irish businesses across all sectors and markets. Businesses may wish to seek expert advice as to how to manage their currency exposure.
Businesses are advised to assess their currency exposure and take steps to mitigate against any risks. You can check out this Government guide, Currency Risk Management for Irish SMEs
, to help your business assess and manage your currency exposure.
Brexit may also have an impact on your business’ working capital needs and guidance on managing working capital is available here
You are also advised to contact your financial advisor, your accountant, or any professional bodies you are a member of to see if they have additional advice for you.
There is also more information available on the range of government programmes, funds & supports
for businesses to help manage the impacts of Brexit. This includes a possible grant to secure some professional advice on currency and cash flow management.
Irish electricity supply, transport fuels, gas and coal are expected to be largely unaffected by Brexit.
The Irish and UK electricity markets are closely connected, with two regulatory regimes. Ireland’s wholesale and retail energy markets are well developed with efficient regulators, network operators, and suppliers working to ensure that we have a competitive and modern network in place.
The Protocol for Ireland and Northern Ireland provides for the continuance of the Single Electricity Market on the island of Ireland. The political declaration calls for both parties to cooperate to support the delivery of cost efficient, clean and secure supplies of electricity and gas, based on competitive markets and non-discriminatory access to networks.
Ireland’s electricity needs are met from a combination of fuel sources including renewables, gas and coal and there are no concerns about the capacity to meet electricity demands after the transition period.
While we do not envisage any issues arising, if you have any specific concerns on this, you can contact your supplier directly.
Further information on electricity supply is available here
International gas trade – including pipeline imports from the UK – is expected to continue after the transition period. The political declaration, agreed by both parties, calls for a framework to include mechanisms ensuring as far as possible security of supply and efficient trade over interconnectors over different timeframes.
Oil and oil products
There are no problems expected for the availability of oil products, e.g. petrol or diesel, after the transition period. Imports from the UK are expected to continue, as will imports from other countries, such as the Netherlands and the USA.
In the unlikely event that stocks currently sourced in the UK are not available, importers will source supplies from other countries. In the extremely unlikely event of a shortage, the National Oil Reserves Agency holds significant oil stocks for use in an emergency.