Brexit Hub | Ulster Bank

Brexit Hub

Brexit

What it means for business

Latest update

Our number one priority is to serve and support our customers through Brexit.

It has been agreed by the European Union (EU) and United Kingdom (UK) Government to extend the date when the UK will leave the EU to 31 January 2020. The Withdrawal Agreement has yet to be approved by Member States and the UK and EU Parliaments. If the Withdrawal Agreement is ratified prior to 31 January 2020, the UK has the option to leave at an earlier date. We continue to monitor developments.

There are no immediate changes to your banking services as a result of the extension to Article 50. We’ll continue to support you and keep you informed and updated.

There are steps you can take to put your business in the best position for the opportunities and challenges that Brexit can bring. Our guides will help you prepare for Brexit and show how Ulster Bank Ireland DAC can support you.

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Icon expand What this means for business?

There are no immediate changes to your banking services while the UK remains a member of the EU.

We’re closely monitoring the situation and we’re aiming to provide you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today. 

We’re committed to helping you and your business succeed. With our experience, we’re here to support you with the opportunities and challenges that Brexit could potentially bring to your business.

 

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Icon expand How we are prepared for Brexit?

We will continue to monitor the situation and regularly review our plans to ensure we’re ready for Brexit and supporting our customers. Updates and the latest guidance will be available on this webpage. 

We’ve already made changes to the way we’re organised to ensure we can serve customers when the UK leaves the EU and those customers affected by these changes have already been contacted by their Relationship Manager.

We have created these useful guides to help support our business customers further:

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Brexit Frequently Asked Questions

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Icon expand What is the Withdrawal Agreement?

The Brexit Withdrawal Agreement is a framework between the EU and UK, setting the terms of the UK’s departure from the EU. It covers matters such as the transition period, citizens’ rights and border arrangements.

 

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Icon expand What is the transition period?

A transition period is included in the October 2019 Withdrawal Agreement and would run until the end of 2020 with an option to extend for up to two years.

The transition period would need to be ratified as part of the October 2019 Withdrawal Agreement by the UK and European Parliaments, plus formally approved by the European Council so it’s not yet legally agreed.

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Icon expand Which countries are in the EU?

The EU currently consists of:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

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Icon expand Which countries are included in the European Economic Area (EEA)?

The EEA includes EU countries and Iceland, Liechtenstein and Norway. It allows them access to the EU’s single market.

Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.

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Icon expand Can I still make and receive payments from UK and EU countries?

Yes. There should be no immediate changes to how you make and receive payments to UK and EU countries. And, of course, you can continue to access your bank account online to conduct your everyday banking needs.

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Icon expand Will I still be able to use ATMs in the UK and EU countries?

Yes. It will still be easy to use your bank card in ATMs in the UK and across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And, of course, you can continue to access your bank account online to conduct your everyday banking needs.

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Icon expand Is my money safe?

Yes. If you are currently covered by the Deposit Guarantee Scheme, you will continue to be covered by this scheme. Ulster Bank Ireland DAC will continue to be regulated by the Central Bank of Ireland.

Further information on the Republic of Ireland Deposit Guarantee Scheme can be found here.

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Icon expand What does a ‘no deal’ Brexit mean?

Essentially, a no deal Brexit means that there would be no formal agreement reached during the negotiations between the UK and the EU. Leaving without any deal would most likely mean an immediate exit of the UK from the EU, without the transition period included in the October 2019 Withdrawal Agreement.

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Icon expand Are preparations for 'no deal' already taking place?

Yes. In preparation for all eventualities, we are contingency planning on a range of scenarios. Our aim is to continue to provide you with the same level of service as we do today, regardless of the outcome of Brexit.

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Icon expand What would 'no deal' mean in practice?

One of the key issues with a no deal scenario is the uncertainty that it could create and the potential impacts it would have. There are steps you can take to put your business in the best position for the opportunities and challenges that Brexit can bring. Our guides will help you prepare for Brexit and show how Ulster Bank Ireland DAC can support you. 

You can also find advice on the Irish Government’s website.

 

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Icon expand Will there be any changes for Irish companies with a UK subsidiary as a result of Brexit?

We do not anticipate any immediate changes to your everyday banking services as a result of Brexit. We are closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.

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Icon expand Will there be any changes for UK companies with an Irish subsidiary as a result of Brexit?

We do not anticipate any immediate changes to your everyday banking services as a result of Brexit. We are closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.

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Icon expand I have a query about how customs charges, procedures and rules when importing and exporting goods may change in a post Brexit scenario. Who should I speak to?


The Revenue Commissioners has published extensive information on their website about how Brexit might affect businesses. Please keep up to date with the latest information on the website:

https://www.revenue.ie/en/customs-traders-and-agents/comprehensive-guarantee-and-guarantee-waivers/index.aspx
   

A free training programme is available to eligible customs agents, customs intermediaries and affected businesses from Skillsnet Ireland. Details of the ‘Clear Customs’ training is available on their site: https://www.skillnetireland.ie/clear-customs

For any additional information, you can contact the Revenue Brexit Unit at: brexitqueries@revenue.ie

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Icon expand I received a letter from the Revenue Commissioners advising me that my guarantee may not be effective following the departure of the UK from the EU. Is this correct?

Please be advised that any guarantees issued by Ulster Bank Ireland DAC will not be impacted by Brexit. A very small number of customers may have Ulster Bank Limited, NatWest or RBS guarantees. If this is the case, please contact us in your usual way to discuss the implications.

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Icon expand I wish to apply for a guarantee, who should I speak to?

Please contact us in your usual way to discuss your guarantee and potentially other Trade Finance requirements.

 

Further Information



If you have any questions in relation to Brexit, please contact us. Our general contact numbers can be found on our website:

Business customers

Information is also available for our personal customers here     

 

Irish Government Support Tools

·         General

·         Business

·         Financial Support Available

·         Agriculture & Food

·         What Brexit means to you

·         Strategic Banking Corporation of Ireland (SBCI)  Loan Schemes

The SBCI Brexit Loan Scheme is offered in partnership with the Department of Business Enterprise and Innovation, the Department of Agriculture Food and the Marine and is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments. For further information go to our SBCI Brexit Loan page.

We’ve also launched the SBCI Future Growth Loan Scheme which is available to eligible Irish SMEs and the primary agriculture and seafood sector to support long term investment in a post Brexit environment. For further information go to our SBCI Future Growth Loan Scheme.

To find out if you are eligible to apply for the SBCI Brexit loan scheme, please click here.

·         IBEC Brexit site

·         European Movement Ireland Brexit A-Z

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