Ms Gráinne McEvoy:

By way of background, any UK entity operating in Ireland does so on a freedom of service or freedom of establishment basis. The UK authority, the Financial Conduct Authority, FCA, would write to the Central Bank of Ireland in such a case and notify us that one of its firms wished to provide services into Ireland on a cross-border basis. In the absence of some very radical outcome, Brexit will inevitably mean that will no longer be possible. That will mean that from the end of January next year, individual firms that are providing services from the UK into Ireland on a cross-border basis will no longer be permitted to do so unless they have implemented contingency plans or made arrangements to seek an authorisation in Ireland or any other EU jurisdiction. Those firms' ability to continue to provide services here post Brexit will depend on an EU domicile. If the FCA introduces new regulation, its rules will apply only to the entities it regulates. If those UK-based firms are not allowed to provide services on a cross-border basis, those regulations will have no bearing on any activities that take place here.

I wish to refer to an important piece of information which was mentioned earlier-----