The Central Bank of Ireland (Central Bank) issued a Markets Update on Thursday 7 March 2019 which clarified that, in the event of a no-deal Brexit.
Asset Management & Investment FundsThere are now three main avenues: UK leaves on 29 March 2019 without a deal UK asks, and the EU Member States agree unanimously, to extend the Brexit negotiating period beyond 29 March 2019 UK leaves on 29 March 2019 with a deal No Deal Brexit The first – the "crash out" or "no deal Brexit" – is currently a c.10% option. If this were to happen, it would happen because of a row or an accident...
BrexitThe British and Irish governments have recently published details of their contingency planning for an Integrated Single Electricity Market (I-SEM) in the event of a no-deal Brexit. The overall theme is that both governments are committed to maintaining I-SEM, regardless of whether Brexit is hard or soft.
BrexitThe Government has published updated guidance on arrangements for EEA and Swiss citizens coming to the UK to visit, study, work or join family in the event of a 'no deal' Brexit.
BrexitPart 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 relates to insurance. UK insurers and insurance intermediaries that will still have Irish business (i.e. policyholders) post-29 March 2019 are understandably anxious. "Dear CEO" letters were sent by the Central Bank of Ireland (CBI) in Q4 2018 to all UK insurers and intermediaries passp...
BrexitThey were all set to go. The world expected them to leave. They planned to regain independence. They wanted to make new laws. There were many who were opposed but it seemed to be the "will of the people". There were court challenges. No one was sure how it would all work out. Supporters of leaving said they would do new deals with various parts of the world. At first, it all seemed a dr...
BrexitFollowing the referendum held on 23 June 2016, the UK Government submitted a notification to the European Union (EU) on 29 March 2017 of its intention to withdraw the UK from the EU.
BrexitThe effects of Brexit on major commercial transactions and the resolution of commercial disputes will ultimately depend on the terms on which the UK leaves the European Union. An extreme "No Deal" Brexit, is likely to have significant repercussions in the way parties provide for the resolution of commercial disputes in several respects. Due to its procedural effectiveness and certainty, the Co...
BrexitOne of the unforeseen consequences of Brexit is that Irish businesses could be subject to more competition dawn raids by the European Commission as the option of conducting these unannounced inspections in the UK is blocked off by the UK leaving the European Union. A&L Goodbody's Dr Vincent Power was interviewed about the issue in an article in to-day's The Irish Times...
BrexitCash flow is the life blood of the construction industry, goes the mantra. Construction projects often have long supply chains. When cash stops flowing down the chain, businesses can fail. There is all too much recent evidence of this. Someone in the chain (say, a main contractor) could seek to provide in a contract that it does not have to pay the party below (subcontractor) until it has...
BrexitThe current absence of political resolution and the fast-approaching date for Brexit means that there is a heightened chance of a no-deal Brexit. If so, World Trade Organisation rules will govern trade with the UK so what does that mean for businesses in Ireland? Currently, the UK is part of the Single Market and the EU Customs Union. If there is a no-deal Brexit, EU law will cease to apply...
BrexitCompanies tendering for public contracts in the UK and Ireland after 29 March 2019 (or such later date if extended) will need to be aware of the changes that Brexit will bring for public procurement. While the public procurement landscape in the UK will not change dramatically in the short term, there will be some changes in practice depending on whether there is a deal or no deal. No Deal...
Brexit
