Oireachtas Joint and Select Committees

Wednesday, 19 June 2019

Seanad Committee on the Withdrawal of the United Kingdom from the European Union

Engagement with the Central Bank of Ireland

Mr. Arnold Dillon:

The Chairman raised a couple of points on the mood in business with regard to the rolling extensions. There is obvious frustration and a challenge in terms of managing people and resources in trying to stay prepared. Business appreciates the approach of the Government on this, the importance of the backstop from a political perspective and the implications for the Good Friday Agreement. There is understanding that while the frustration and costs involved in those deadlines are painful, business is happy that extended deadlines are granted if the alternative is the impact of a potential no-deal Brexit and ramping up the tension on this element.

To return to one of the earlier points made on the wider economic issues that arise in the context of new investment, particularly in the context of Brexit and financial institutions, these are very big issues and IBEC and the business community are incredibly cognisant of them. We have set out significant and comprehensive proposals on infrastructure. We need to make sure the economy and the country in general are able to absorb inward investment and the talent implications in terms of squeezing the labour market and the talent pool. We have set out comprehensive proposals on this and we are more than happy to circulate them.

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