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Brexit: Your Questions About Banking Answered

BPFI-member banks have produced much information for customers on the implications of the UK’s decision, regarding Brexit. Drawing from these resources, we have compiled this FAQ as a high-level guide for consumers.

Personal Banking

Q. Will my existing loan or mortgage with a lender here in Ireland be affected?

A. No, Brexit will have no effect on either.  If your loan or mortgage is with a bank authorised in the UK, your UK bank should have contacted you.  If you have any concerns, you should contact your UK bank.

Q. Are my savings safe?

A. Your savings with banks here in Ireland will continue to be protected by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland and funded by credit institutions. If your savings are with a bank authorised in the UK, your UK bank should have contacted you.  If you have any concerns, you should contact your UK bank.

Q. What about other banking services here in Ireland?

A. Other banking services will continue here as normal such as your existing debits/standing orders, ATM services, domestic debit and credit payments.

Q. Can I still make payments to, and receive payments from, the UK?

A. Yes, the UK will remain participants in the Single European Payments Area (SEPA) and so euro payments will continue. As long as the UK continues to meet the eligibility criteria of the SEPA scheme, such payments will continue to be processed as they are today.

Q. Will it take longer to make payments from here to the UK?

A. No, there should be no change to the length of time it takes.

Q. Will I still be able to buy goods online from abroad?

A. Yes, but if buying from UK suppliers you may be faced with higher taxes or tariffs.

Q. Will I still be able to obtain sterling?

A. Yes, it will still be possible to buy and sell sterling notes and drafts as is the case with most other foreign currencies.

Q. Can I still use ATM services in the UK?

A. Yes, you can in the same way you can use such services in other non-EU countries.

Q. Will my debit and credit cards continue to work in the UK?

A. Yes, they will, just as they operate in other non-EU countries.

 

Business Banking

Q. What does my business need to do to prepare for Brexit?

A. Banks have variously engaged with their SME and other business customers to encourage and assist them in their preparations for Brexit. They have introduced a range of initiatives to support business operations and information can be found here:

 

Access to information from bank and non-bank sources is made easy through the following page on our website: Brexit Online Resources

 

Banks’ Own Preparations

Q. Are banks prepared for a hard Brexit?

A. Yes, BPFI-member banks are very well advanced in the implementation of their Brexit contingency plans. Collectively through BPFI they have engaged extensively with regulators and policy makers at home and abroad in identifying measures to avoid potential impacts on the stability of the financial system as a result of a hard Brexit.  During this time the Central Bank of Ireland’s focus has been to ensure that the financial system is resilient enough not to cause significant financial stability risks; that financial services providers are discharging their responsibilities by taking all necessary steps to protect their businesses and customers to the risk of a hard Brexit; and that risks to consumers are mitigated to the greatest extent possible.