Central Bank signals concerns on financial ‘cliff effects’ of Brexit

Central Bank signals concerns on financial ‘cliff effects’ of Brexit

A high-powered Central Bank taskforce has flagged concerns over Brexit contingency planning by Irish banks and insurance firms, according to internal bank documents.

An assessment by the bank of “cliff effects” associated with Brexit found that while most Irish banks and financial institutions’ planning is “adequate”, there are some instances where “progress is slower than expected”.

The Central Bank warned that lenders and other financial institutions were planning for an orderly Brexit, with trading and...

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