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'Most significant event in a generation': Central Bank chief issues Brexit warning for Irish economy

Ed Sibley predicted “enormous challenges” for the Irish financial services sector.

THE CENTRAL BANK’S deputy governor has predicted that Brexit could be one of the most significant events to affect the Irish economy in a generation.

Speaking at Dublin City University’s Brexit Institute Ed Sibley highlighted the impact a hard Brexit would have on the Irish financial services system if UK firms can no longer avail of the financial services passport to offer their services into Ireland and Irish firms can no longer passport their business into the UK.

Sibley said the insurance and funds spheres in Ireland will be most drastically hit by the inability to passport between the UK and the rest of the EU due to the level of business conducted with UK.

“The full significance is almost impossible to predict at this stage, not least given the high degree of uncertainty surrounding both the short-term arrangements and the longer- term relationship between the UK and the EU,” he explained.

As regulators, we see enormous challenges ahead, both for ourselves and for the firms that we supervise.

As Brexit negotiations play out there are risks that UK and Gibraltar-based insurers passporting into Ireland will lose their ability to continue to provide insurance cover, including collecting premiums and negotiating and settling claims on any outstanding insurance contracts.

Sibley said that Britain exiting the EU will have a significant effect on financial services regulation in Europe, both in terms of how policy is developed, but also on how the financial services sector is overseen.

Because of the importance of London as a financial hub he called on the EU not to introduce barriers to markets where key risks can be managed appropriately.

Sibley concluded his speech by providing details of a recent survey of regulated insurance companies’ preparedness for Brexit.

Nearly 200 companies responded to the survey and almost 75% of them think Brexit will have no impact on them. “Given the level of uncertainty and the range of challenges we have heard about today, this is an astounding number,” Sibley said.

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    Mute james sullivan
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    Jun 16th 2015, 9:36 AM

    I love all the sporty folk down around the board walk…well I assume they’re athletes with their tracksuits and runners.

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    Mute Alan Kennedy
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    Jun 16th 2015, 9:50 AM

    You’re never far from a medically trained professional either. Someone is always on hand to administer life saving drugs should you need them. What a progressive city. They ever have staff to carry your wallet and phone for you.

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    Mute Kevin Higgins
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    Jun 16th 2015, 1:13 PM

    Thanks to an outdated drug policy, lack of priority for the gardai and lack of social inclusion. everybody loves highlighting the problem but the solutions already exist just need a decent government to get the job done

    34
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    Mute O Swetenham
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    Jun 16th 2015, 9:31 AM

    I’m assuming she didn’t walk along the river on the gouger gauntlet that is the boardwalk. She wouldn’t be comparing it to the Seine then.

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    Mute Baz
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    Jun 16th 2015, 9:35 AM

    You obviously have not been in Paris recently. They’ve went on strike last month on the Eiffel tower site because of the professional pick pockets knocking about that area around the seine.

    The Hawkers round the Parisian baton rouges are notorious for threatening tourists.

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    Mute O Swetenham
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    Jun 16th 2015, 9:58 AM

    I don’t believe you. Dublin is the only capitol city in the world that has lowlifes. I’m assuming that’s why people come to visit us.

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    Mute Baz
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    Jun 16th 2015, 9:27 AM

    She must be talking about the Liffey around Lucan.

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    Mute Allister
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    Jun 16th 2015, 9:37 AM

    Do any of the junk balls staggering around drinking cans of devil’s bit get a mention in the article….

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    Mute Tom Collins
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    Jun 16th 2015, 10:37 AM

    You can’t compare Paris and Dublin.

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    Mute George Hogan
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    Jun 16th 2015, 4:21 PM

    You can. She did.

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    Mute Peter King
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    Jun 16th 2015, 9:28 AM

    What do we always get so excited when foreigners say something nice about us.

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    Mute Kevin M Smyth
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    Jun 16th 2015, 10:10 AM

    Because tourism is very important?

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    Mute I LOVE MY COUNTY
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    Jun 16th 2015, 10:19 AM

    No I agree with Peter, it’s the same when you see lots of social media outlets sharing Twitter quotes from people in England about seeing Hurling for the first time. Ireland is a proud nation, but I think we care too much what people think of us, it’s good to show we care and take pride in our culture and country, but I think it’s more an inferiority complex with some media, in Dublin especially!

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    Mute Dave Cork
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    Jun 16th 2015, 9:40 AM

    I can see the boardwalk as Dublin’s version of the left bank ..
    So many artists .. It’s a pity they all draw the dole ..

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    Mute Integra-Ted
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    Jun 16th 2015, 10:33 AM

    I love Dublin City, but for God’s sakes, what was this writer smoking?

    Both sides of the Quays is basically a motorway separated by a river for starters!

    The Rosie Hackett bridge looks like they bought a bridge kit off Lego, the rest are 3 or 4 lane speedways.

    Not to mention the Irish Zombie Olympic squad openly robbing, dealing, drinking and injecting with impunity!

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    Mute Kevin Slater
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    Jun 16th 2015, 10:15 AM

    Two guards on the beat is all it would take to clear the scangars away. C’mon guards

    94
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    Mute Kevin Higgins
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    Jun 16th 2015, 1:14 PM

    There’s a lot more than 2 guards patrolling the dublin 1/2 area. policing won’t solve an addiction and homelessness crises

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    Mute Ruth McCann
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    Jun 17th 2015, 4:34 AM

    Come to Vancouver and you’ll see what being homeless really is..
    Vancouver has the highest rate of homeless people in Canada and its shockingly bad to see that in a first world city. I would like the police force and the politicians to do something about it otherwise they’ll end up with a Vancouver 2.0 in Dublin
    I agree with your points though.

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    Mute stopit
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    Jun 16th 2015, 9:33 AM

    For me, the liffey is something you cross to get to the posh shops of the southside and come back over without having bought anything, not somewhere to stop and enjoy the city.

    I reckon if DCC start moving traffic away from the quays and pubs/cafes etc. start opening out on to street/boardwalk it will be much much better. It would be great to be able to sit out and feel like the liffey is the heart of the city.

    the first sap to post about “junkies” deserves a slap.

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    Mute Dog Standard
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    Jun 16th 2015, 2:14 PM

    Could not agree more. No traffic on the quays would really open up the whole area around the river. Dublin is such an amazing city, so vibrant, so full of fun and friendly people. You can go to a pub and chat with a stranger and its not weird. So many free museums, galleries, amazing bars, great clubs and gig venues, brilliant cinemas like the Lighthouse, great places to eat. You’re never more than 300 feet from a public park in Dublin. I’ve been to well over a hundred cities at this stage and Dublin is right up in the top ten. If you only see junkies you really are missing out. It’s no wonder so many Europeans are coming here to live, we punch well above our weight, the positives far outweigh the negatives. We even have mountains 10 minutes away. Amazing.

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    Mute Tertullian
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    Jun 16th 2015, 9:33 AM

    She may perhaps have had a couple ot Guinnesses too many when she wrote that piece. Dublin is a dump.

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    Mute Dog Standard
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    Jun 16th 2015, 2:16 PM

    Dublin is a dump and against the marriage referendum. You need to get out and party. Dublin has the best parties.

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    Mute Niall Scully
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    Jun 16th 2015, 10:17 AM

    For a capital city Dublin is an embarrassment, with a big stupid needle in the middle.

    31
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    Mute Dog Standard
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    Jun 16th 2015, 2:16 PM

    Far superior to Galway. By a long shot. We can do a comparison if you like, kinda like that bit in Lethal Weapon 3 where Reno Russo and Mel Gibson compare scars.

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    Mute Kevin M Smyth
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    Jun 16th 2015, 10:16 AM

    I’m guessing that the writer wasn’t robbed in any of the bars in Temple Bar.

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    Mute Showbiz Babyyy
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    Jun 16th 2015, 9:44 AM

    The river Lee is better. Hup oul dat

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    Mute Sean Johnston
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    Jun 16th 2015, 9:49 AM

    Once a tourist has been to Dublin and realizes what a steaming pile of sh!t the place is and leaves after spending outrages amounts of money in the process, the image of Ireland is forever tarnished in their eyes. They tell anybody who will listen not to go anywhere near Ireland. Dublin airport should be used as an exit

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    Mute Sean Johnston
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    Jun 16th 2015, 10:13 AM

    point only.

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    Mute Dog Standard
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    Jun 16th 2015, 2:17 PM

    Such a spanner.

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    Mute Ray Farrelly
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    Jun 17th 2015, 6:24 AM

    Is somebody keeping you here against your will

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    Mute Bearsass Hairyarse
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    Jun 16th 2015, 10:10 AM

    What in the name a jayzzzzus was she smokin??

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    Mute Richard boyle
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    Jun 16th 2015, 10:29 AM

    Cool the North side is the left bank then! Always knew it

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    Mute Bobby Quarantine
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    Jun 16th 2015, 12:27 PM

    Managed to avoid the zombie junkies then? Good girl.

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    Mute Qwerty
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    Jun 16th 2015, 10:18 AM

    Didn’t forget to pack her rose-tinted glasses when visiting then.

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    Mute FastBuck
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    Jun 16th 2015, 3:23 PM

    “Like a hip version of the Seine” – obviously visited the tracksuits and sampled their wares

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    Mute Colin Forbes
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    Jun 16th 2015, 6:10 PM

    Utter rubbish

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    Mute grumpyoldtroll
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    Jun 16th 2015, 12:15 PM

    I read that as ‘kip’ version. I was right the first time.

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    Mute Michael Sands
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    Jun 17th 2015, 1:56 PM

    Try swimming in it then?

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