Tuesday, 25 June 2019

Questions (120)

Lisa Chambers

Question:

120. Deputy Lisa Chambers asked the Tánaiste and Minister for Foreign Affairs and Trade the provisions that have been made to protect in as much as feasibly possible all-island financial services in a no-deal Brexit scenario; and if he will make a statement on the matter. [26697/19]

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Written answers (Question to Foreign)

The Department of Finance has policy responsibility for matters relating to Financial Services.

Throughout the Brexit process, Ireland and the EU have been at one in our determination to do all we can, deal or no deal, to protect the peace process and to avoid a hard border. The Protocol on Ireland and Northern Ireland which was agreed as part of the Withdrawal Agreement underpins, in a dynamic way, continuing North-South cooperation and the all-island economy as well as recognising the Common Travel Area.

Supporting the financial services sector to prepare for Brexit is a key part of our whole-of-Government approach to prepare for Brexit, and a number of key steps have been taken at both EU and national level.

These includes legislative provisions which have been passed by the Oireachtas in the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2019. This remains ready to be deployed if and when required.

The Government is continuing its intensive preparations for the possibility of a no deal Brexit. At its meeting of 21 May the Government agreed that this work should continue to be taken forward as a matter of priority by all Government Departments and Agencies.