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Publication

Administration and Banking

Published: 27 February 2019
From: Department of the Taoiseach

Banking & financial services

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 post-Brexit, even in the event of no deal.

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 post-Brexit.

However, in the event of no deal, UK financial services firms will lose their right to conduct business in Ireland 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.

Customers are advised to contact their banking/financial services providers if they have any concerns.

For further detail, visit the Central Bank website .

Making/receiving payments through SEPA

SEPA is the Single Euro Payments Area which enables payment transfers in euro between accounts in SEPA countries.

The UK Government committed to keep its payment rules in line with SEPA in order to continue its access post-Brexit. 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.

For further information, see the Central Bank website .

Insurance cover

The majority of insurance firms selling policies from the UK and Gibraltar into Ireland are implementing plans to ensure service continuity post-Brexit.

However, for companies whose plans are not sufficiently advanced Government has planned legislation to protect consumers. The new law will ensure continuity of service for existing contracts for a period of three years.

The Central Bank advises that if you have any concerns about your insurance policy, you should contact your insurance provider.

For further information, see the Central Bank website .

Financial market infrastructure

The Government has planned legislation to ensure continuity of service for Euronext Dublin (formally the Irish Stock Exchange) post-Brexit.

Commercial contracts

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.

In the event of a contract dispute with a UK-based company, it is recommended that you seek legal advice. For further information on company law in Ireland please visit Department of Business, Enterprise & Innovation .

Financial risk & currency management

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. This includes a possible grant to secure some professional advice on currency and cash flow management.

Energy supply

Irish energy supplies (transport fuels, gas and coal) are secure. These will not be disrupted as a result of Brexit. The Irish and UK electricity markets are closely connected with the two regulatory regimes working well together to date. This will continue post-Brexit.

The Government has introduced legislation to facilitate the continuing operation of the Single Electricity Market in the event of no deal. Ireland is also working to increase interconnectivity with other EU Member States.

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.

Electricity

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 post-Brexit.

While we do not envisage any issues arising, you can contact your supplier directly on any specific concerns.

Natural gas

There are no problems expected for the availability of natural gas post-Brexit. International gas trade will continue and Ireland can meet almost half its gas needs from the Corrib Gas Field.

Oil and oil products

There are no problems expected for the availability of oil products post-Brexit. 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.

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