Oireachtas Joint and Select Committees

Thursday, 4 October 2018

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

Banking Sector: Quarterly Engagement with the Central Bank

9:30 am

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I want to revisit the issue of Brexit, if I may.

We can all say it is definitely more likely than when the witnesses were here before that we could see not only a hard Brexit but Britain crashing out of the European Union with a no-deal scenario. That could mean no transition period and that all bets are off in about six months.

Could I clarify Mr. Sibley's comments in terms of preparedness? Do those figures relate to that context or to a scenario whereby we would be prepared, 99% of institutions would have contingency arrangements and there would not be disruption for either insurance holders or any others availing of financial institutions that are located or have headquarters in Britain?

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