30 January 2020 – While there is no winner from Brexit, Bank of Ireland welcomes that the exit deal has now been formally ratified. This provides further clarity for the future following more than three years of uncertainty.
Francesca McDonagh, Group CEO of Bank of Ireland, commented:
“While I don’t welcome Brexit, I do welcome clarity after years of uncertainty. The deal brokered between the EU and the UK pulled us back from the brink and prevented a crash out from the Union. This is very welcome, especially for businesses trading on the island of Ireland and between Ireland and the UK.”
“However, we can expect more challenges as the EU and UK work to agree a long term trading relationship. With a timetable that looks very ambitious, we could see uncertainty grow again as we near the end of this year. All parties need to navigate these challenges carefully as protecting the progress made in the last 22 years is vitally important for everyone – economically, politically and socially.”
“As a leading lender across the island of Ireland we will be doing what we can to support our customers and the development of their businesses. And, at this important time for relationship building, we will also be supporting social enterprise and community engagement across the island as a whole.”
Our primary focus is on our customers and how we can assist them to navigate the uncertainty and plan for the future. Bank of Ireland last year put in place a €2 billion Brexit Fund to support businesses on the island of Ireland flex and adapt to Brexit change. The Bank also introduced a €50 million FX Facility to support customers in managing currency exchange risk.
For customers who may have put off investing in their business while awaiting further clarity on Brexit, or for those diversifying operations or expanding to new markets, we stand ready to support those plans.
We would also like to reassure customers that there is no change to our products and services in the UK and Ireland. There is no need for customers to take any specific action at this time, but they should talk to us if they have any concerns.