Brexit Hub | Ulster Bank

Brexit Hub

Brexit

What it means for you

Following the June 2016 referendum vote to leave the European Union (EU), the UK Government started the exit process by triggering Article 50 of the Treaty on European Union in March 2017. This exit is being referred to as ‘Brexit’.

The UK is due to leave the European Union (EU) on 29 March 2019. Until then, the UK is still a member of the EU. So for the time being, nothing has changed and we would like to reassure you that there will be no immediate impact on your everyday banking services.

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.

What does this mean for you?

What this means for you?

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

What this means for your business?

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.

How are we planning for Brexit?

We’re involved in a number of consultations with key UK bodies to help us keep abreast of the latest developments for the Financial Services sector, post Brexit, and will regularly review our plans to ensure we are Brexit ready. These bodies include UK Government, Bank of England, UK Finance, Her Majesty's Treasury and our regulators the PRA (Prudential Regulation Authority) and FCA (Financial Conduct Authority).

Key dates at a glance

  • 18-19 October 2018: EU Council summit, discussion on Withdrawal Agreement plus framework for future relations.
  • November 2018: EU Council summit. Possible extraordinary EU Council summit.
  • 13 December 2018: EU Council summit. Last scheduled summit.
  • December 2018 - March 2019: parliamentary ratification period. 
  • March 2019: Final EU Council summit.
  • Before 29 March 2019: UK Parliament passes an Implementation Bill.
  • 29 March 2019: UK leaves EU at 11pm UK time and if agreed a transition period commences where the UK remains subject to EU rules until the end of 2020.
  • 23-26 May 2019: Elections for the European Parliament. 27 EU countries (the UK will no longer be represented in the Parliament).
  • 31 December 2020 – End of proposed transition period (if agreed).
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What does it mean?

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