FIBI Annual Lunch – Managing Director and Chief Global Political Analyst at Citi, Tina Fordham, addresses Federation of International Banks6th November 2018
The Federation of International Banks in Ireland (FIBI) held its annual lunch today in the Westin Hotel, Dublin. Speaking at today’s event, Tina Fordham, Managing Director and Chief Global Political Analyst at Citi, spoke about the implications for investment markets and economic growth of key geopolitical and socioeconomic factors that are currently at play – including political risks, global trade tensions US Mid-Term Elections and Brexit.
Also speaking at the event FIBI Chairman, Colin Moreland, highlighted the Brexit issues which continue to be of concern to international banks operating in Ireland:
“While there is some potential upside for financial services, banks operating here continue to share a number of key concerns in relation to Brexit. These include the need for increased transparency around steps being taken by regulators and policy makers to address “Cliff Edge” Risks relating to a “No Deal” Brexit; the importance of the UK and the EU concluding a Withdrawal Agreement as soon as possible which includes a transition period to conclude longer-term arrangements mitigating the impact of Brexit; progressing the equivalence of UK regulatory frameworks for institutions and other entities; and avoiding a ‘hard border’ between Northern Ireland and Ireland as well as ensuring that Common Travel Area is maintained. The ongoing uncertainty and lack of clarity on these matters is very unhelpful.”
“Notwithstanding these challenges, and on a more positive note, we look forward to working with the Minister, his officials and other key stakeholders in building on the success of IFS 2020 by inputting to the development of a strategy for future years.” he concluded.
Mr Moreland also welcomed the appointment of Brian Hayes as the new CEO of FIBI’s parent body, Banking & Payments Federation Ireland, which was announced earlier today. Speaking on behalf of the FIBI Mr Moreland said: “FIBI looks forward to working with Brian and the BPFI team in supporting the International banking sector in Ireland in the coming years.”
Notes: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
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