Mr. Ed Sibley:

The best way to describe this is to think about the macro issues, which have been a feature of our work for at least three years. This funnels down to specific contingency planning for a hard, no-deal Brexit on 29 March or 12 April. We have thought about the interconnections between the EU 27 financial system, including Ireland, and that of the UK and we have looked at the specific concerns around liquidity management, market dislocation and market shock, for banks and other entities.

We tried to understand the consumer protection risks such as in the insurance sector, a lot of which is written from the UK. We have engaged with regulated firms in order to ensure that they do all they need to do to prepare for a hard Brexit.