Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

82. To ask the Minister for Finance the implications for Allied Irish Banks' activities in the United Kingdom if that country is outside the European Economic Area; the proportion of Allied Irish Banks' revenues which arise in the United Kingdom; and if he will make a statement on the matter. [19006/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have received the following response from AIB in response to the Deputy's question:  

"Ahead of the United Kingdom s referendum on whether to remain in or leave the European Union AIB engaged in a comprehensive programme of customer engagement on the risks of Brexit and the potential impact of Brexit on the economy and financial markets. This programme was designed to ensure that the bank s customers were well prepared if the UK voted to leave the EU.

AIB notes that while the UK has now voted to leave the EU, the British government has yet to give effect to this decision. The precise details of how and when the voters decision is implemented in practice are not entirely clear, but there will be a minimum two-year negotiation period before any UK exit from the EU.

AIB s UK activities accounted for c. 12% of the bank s profit and revenue for 2015 (page 250 of AIB s 2015 Annual Financial Report). In the meantime, it is business as usual for AIB s customers in both the Republic of Ireland and the UK".