I propose to take Questions Nos. 59 and 60 together.
The Department of Finance has been assessing and preparing for the impact of Brexit since before the referendum on 23 June 2016. This work is being carried out within the whole-of-Government structures established by the Department of Foreign Affairs. As part of this work all Departments have been tasked by the Government to rollout detailed action plans with a view to advancing, as appropriate, the mitigating measures which have been identified in the areas of their responsibility from the planning to the implementation phase.
My Department is actively engaged in this work which has intensified in recent months and is now well advanced. It includes examining relevant acts including the Financial Services and Pensions Act 2017, scoping legislative requirements and preparing draft legislation for all Brexit scenarios.
The Department is also working closely with the Central Bank on the implications of Brexit. The Central Bank have been engaged in Brexit planning since before the UK referendum. The Bank is working to ensure that financial services firms are adequately prepared to cope with the possible effects of Brexit, with as little disruption to consumers as possible.
