What it means for business
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 also preparing for the intended move of our Western Europe Large Corporate coverage teams to NatWest Markets N.V. As much as possible we’ll minimise disruption to our customers’ business and we’ll provide our customers with our full support throughout the transition.
Regardless of the outcomes of the Brexit negotiations, we are committed to helping you and your business succeed. With our expert knowledge, we’re here to support you with the opportunities and challenges that Brexit could potentially bring to your business.
Icon expand How are we planning for Brexit?
While the EU negotiations continue, the full implications and outcomes of Brexit are unknown, however we are preparing for a number of scenarios to ensure we’re ready to embrace the outcomes whether a deal is negotiated or not.
Our Ulster Bank Ireland DAC business will continue to provide services for our customers that do business in Ireland.
Like any prudent business we are working through the various exit scenarios and have contingencies in place to ensure we continue to provide you with the full range of services they require. The fundamentals of our strategic plan remain constant.
We will continue to monitor the situation, assess how the final agreement will affect you and keep you updated on how we can help you through any changes this will bring.
Brexit Frequently Asked Questions
What does Brexit mean?
“Brexit” is the short-hand term being used to describe the UK’s exit from the European Union (EU).
The UK voted to leave the EU following a referendum in June 2016. In March 2017, the UK Government started the process of leaving the EU by triggering Article 50 of the Treaty on European Union.
The European Council has agreed to extend Article 50 until 31 October 2019.
If an exit agreement is reached before 31 October 2019, the UK Government has the option to leave the EU at that date.
There should be no immediate impact on your everyday banking services.
What is Article 50?
Article 50 of the Treaty on European Union is a provision in law which sets out how a Member State can leave the EU.
What happens next?
We’re closely monitoring the situation and our aim is to continue to provide our customers with the same level of service and range of products as we do today. There are no immediate changes for our customers and colleagues and our Brexit planning will continue unchanged.
Icon expand What is the transition period?
In March 2018, the European Council announced the framework for a transition period, under which the UK would continue to participate in the European Single Market. This means UK banks would continue to have access to the European Single Market using financial services passporting rights. However, the transition period still needs to be approved by the UK and European parliaments, plus formally approved by the European Council so it is not yet legally agreed.
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.
Icon expand Which countries are included in the European Economic Area (EEA)?
The EEA includes EU countries and also 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.
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 through the mobile app to conduct your everyday banking needs.
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 through the mobile app to conduct your everyday banking needs.
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 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.
Icon expand What does a ‘no deal’ mean?
Essentially, a ‘no deal’ 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 Brexit, without the 21-month transition period agreed upon with Brussels.
Icon expand Are preparations for 'no deal' already taking place?
Yes, the UK Government has been careful to say that it is not seeking a 'no deal' outcome, but that it has to be prepared for all eventualities. Contingency planning is also happening elsewhere in the EU within both Governments and the business community. In preparation for all eventualities, we too are contingency planning on a range of scenarios. If this happens it’s expected that the UK would operate on World Trade Organisation (WTO) trading terms and principles at the end of any transition period. Our aim is to continue to provide you with the same level of service as we do today regardless of the outcomes of the Brexit negotiations.
Icon expand What would 'no deal' mean in practice?
One of the key issues with a no deal scenario is the uncertainty and it is impossible at this stage to say exactly how significant these events would be. Some of the main concerns are around trade, immigration, laws, taxes and the Irish border. For example, there’ll be no automatic loss of immigration status if the UK and the EU fail to agree on a Withdrawal Agreement.
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
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.
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:
For any additional information, you can contact the Revenue Brexit Unit at: email@example.com
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, however if this if the case – please contact your Relationship Manager, should you have one, directly to discuss the implications.
Icon expand I wish to apply for a guarantee, who should I speak to?
Please contact your Relationship Manager, should you have one, to discuss your guarantee and potentially other Trade Finance requirements.
If you have any questions in relation to Brexit, please contact us. Our general contact numbers can be found on our website:
Irish government support tools
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.
To find out if you are eligible to apply for the SBCI Brexit Loan Scheme please contact the SBCI to be assessed.