Brexit - Central Bank of Ireland issues FAQ paper

The Central Bank of Ireland (the "CBI") has published a Brexit FAQ paper (click here) in which it provides general information to financial services firms considering relocating their operations from the UK to Ireland.

The paper provides a useful high level overview on the CBI's mandate, the licensing process and the role of EU authorities.

The CBI's statements on its positions on substance, outsourcing, "dual-hatting", centralised risk management and capital requirements are likely to be of most interest to firms considering potential relocation.

The CBI's position on these issues is consistent with the various opinions and public statements issued by the EU authorities in recent months and much of the content of the FAQ has already been flagged by the CBI in previous public communications. Notwithstanding this, the paper should prove to be a useful reference point for financial services firms considering their Brexit options.

 

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