Since the UK voted to leave the European Union (EU), the Central Bank has instructed firms on the need to have appropriate contingency plans in place to ensure continuity of business and to address key risks that may arise from Brexit. In cases where the potential impact could be greatest, the Central Bank asked firms to provide details of their contingency plans for assessment.
The majority of Irish authorised banks, insurers and brokers provided information on their assessment of Brexit-related risks and related contingency plans and timelines. In the majority of cases, we considered that planning was adequate.
The decision to withdraw from the EU resulted in a range of UK-based firms seeking authorisation from the Central Bank to relocate some of their activities, so that they can continue to provide services within the EU after Brexit. We increased our headcount and reallocated senior and experienced staff to effectively manage the large volume of applications that were processed over a relatively short period. In assessing these applications, we focused on ensuring that any firms authorised in Ireland meet the high standards expected of any firm authorised in the EU.