Oireachtas Joint and Select Committees

Tuesday, 30 May 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Brexit - Recent Developments and Future Negotiations: Discussion (Resumed)

4:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

It is clear from the EU negotiating position that negotiating the terms of the exit is the first priority, for example, securing the rights of EU citizens in the UK and vice versa, the financial settlement and the issues around the Six Counties. It seems to be accepted that negotiating a longer term trade deal will take time and, as such, there may be a need for transitional arrangements so that there is no cliff effect. In terms of financial services, is there an equal imperative to avoid a cliff effect whereby the UK falls out of the EU, these directives fall and there are no transitional arrangements? How serious a potential issue is that?

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