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Brexit Hub

Brexit

What it means for business

Latest update

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

The UK left the EU on 31 January 2020 and has now entered a transition period with the EU, which is due to end on 31 December 2020.

There should be no change to your banking services during the transition.

You can find out more by taking a look at the information on this webpage and our helpful customer guides.

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Icon expand What this means for business?

There should be no change to your everyday banking services throughout the transition period.

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’ll continue to support you with the opportunities and challenges that the UK leaving the EU could potentially bring to your business.

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Icon expand How we prepared for the UK leaving the EU

We continue to provide services for our customers that live, work and do business in the Republic of Ireland.

We’ve already made changes to the way we’re organised to ensure we can serve customers now that the UK has left the EU. Those customers directly affected by these changes have already been contacted by their Relationship Manager.

We continue to work closely with the Irish Government, our regulator and trade organisations to help us understand what the future UK-EU relationship means for the Financial Services sector.

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

Your Brexit Guide
Helping Your Business Prepare For Brexit
Five Steps To Take To Get Your Business Ready For Brexit
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Frequently Asked Questions

  • What is the transition period?

    What is the transition period?

    The transition period allows the UK to continue to participate in the European Single Market while it negotiates the future UK-EU relationship, including for Financial Services. Nothing material should change during the transition period. We continue to monitor developments.

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

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

    Yes. There should be no change to how you make and receive payments to EU countries. And, of course, you can continue to access your bank account in your normal way to conduct your everyday banking needs.

  • What happens next?

    What happens next?

    The UK has now entered a transition period which allows the UK to continue to participate in the European Single Market while it negotiates the future UK-EU relationship, including for Financial Services and trade agreements. Nothing material should change for our customers during the transition period.

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Icon expand What is the Withdrawal Agreement?

The Withdrawal Agreement sets out the terms of the UK’s exit from the EU, including provisions for a transition period until 31 December 2020.

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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.

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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 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 Will there be any changes for Irish companies with a UK subsidiary as a result of the UK leaving the EU?

There should be no change to your everyday banking services during the transition period. 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 the UK leaving the EU?

There should be no change to your everyday banking services during the transition period. 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 after the transition period ends. Who should I speak to?


The Revenue Commissioners published extensive information on their website about how the UK leaving the EU might affect businesses. 

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 after the UK leaves the EU. Is this correct?

Please be advised that any guarantees issued by Ulster Bank Ireland DAC will not be impacted by the UK leaving the EU. A very small number of customers may have Ulster Bank Limited, NatWest or RBS guarantees. If this if 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.

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

EU Press Release: Questions and Answers on the United Kingdom’s withdrawal from the European Union on 31 January 2020:

·         https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_104

 

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