Brexit Updates

  • December 2019

    13th December 2019 – Conservative Party win significant majority in yesterday’s UK General Election Read more

  • November 2019

    29th November 2019 – EUR/GBP traded at its lowest level since May yesterday morning Read more

    27th November 2019 – Sterling under pressure as Conservative lead narrowing Read more

    14th November 2019 – Recent lows for EUR/GBP as preparation for the UK election continues Read more

    6th November 2019 – Strong day for Sterling yesterday Read more

  • October 2019

    31st October 2019 – Sterling gains after General Election news Read more

    29th October 2019 – Business sentiment rises on Brexit deal hopes but consumers remain wary Read more

    23rd October 2019 – Brexit legislation paused despite majority vote on Withdrawal Agreement Bill Read more

    18th October 2019 – Spotlight now turns to Saturday’s vote on PM Johnson’s Brexit deal. Read more

    17th October 2019 – The EU & UK announce that a Brexit deal has been reached. Read more

    16th October 2019 – Sterling continues to rally as Brexit negotiations progress. Read more

    14th October 2019 – Queen Elizabeth opens new session in parliament to outline PM Johnson’s plans. Read more

    11th October 2019 – Sterling rallies following last night’s statement by An Taoiseach and the UK Prime Minister. Read more

    9th October 2019 – Brexit headlines continue to induce currency volatility. Read more

    1st October 2019 – Sterling opens marginally stronger vs. both the Euro and Dollar. Read more

  • September 2019

    27th September 2019 – Bank of Ireland Hosting SME Brexit Briefings. Read more

    25th September 2019 – The UK Supreme court ruled that the order to suspend the UK parliament was unlawful and should be quashed. Read more

    24th September 2019 – The Government has made an appeal for thousands of UK licence holders residing in Ireland to exchange their driving licences in advance of Brexit. Click here

    23rd September 2019 – Irish investors succumb to the Brexit boogeyman. Read more

    20th September 2019 – Sterling reached its highest level in nearly two months after Juncker’s interview on Sky yesterday. Read more

    19th September 2019 – Investors suffer a dose of the Brexit blues. Read more

    17th September 2019 – Sterling’s recent move higher has stalled somewhat. Read more

    13th September 2019 – Download the Government’s ‘Brexit Ready’ Booklet for Businesses. Read more

    13th September 2019 – Sterling opening up on the front foot this morning. Read more

    12th September 2019 – No reaction in Sterling at the open in response to the Government’s release of Yellowhammer. Read more

    10th September 2019 – Sterling is by far the significant outperformer, with market perceptions of No Deal options receding. Read more

    9th September 2019 – Last week was the fourth consecutive week of Sterling gains. Read more

    6th September 2019 – Sterling has continued its dramatic rally. Read more

    5th September 2019 – Sterling strength has continued following subsequent defeats for UK PM Johnson in parliamentary votes. Read more

    4th September 2019 – Sterling has recovered following events in House of Commons. Read more

    3rd September 2019 – Pound trading at its lowest levels against the Dollar since the flash crash of 2016. Read more

  • August 2019

    30th August 2019 – Sterling continues to hold its ground against most major currencies. Read more

    28th August 2019 – Sterling Flash Update. Read more

    26th August 2019 – Brexit concerns weigh on Consumer and Business sentiment in August. Read more

    26th August 2019 – A volatile week for Sterling. Read more

    1st August 2019 – Significant moves in Sterling in recent days. Read more

  • July 2019

    4th July 2019 – Bank of Ireland launches SBCI Future Growth Loan Scheme Fund – Read more

  • June 2019

    24th June 2019 – Consumer sentiment up slightly in June. Read more

  • May 2019

    23rd May 2019 – Irish businesses pursuing investment opportunities despite Brexit uncertainty. Read more

    8th May 2019 – After a brief hiatus, Brexit related currency volatility has returned to the markets. Read more

  • April 2019

    4th April 2019 – The Government’s Brexit Portal is updated with useful advice for those purchasing goods online Read more

    2nd April 2019 – Government advice on driving Irish-registered vehicles in Northern Ireland and Great Britain Read more

    1st April 2019 – Sterling falls as May’s withdrawal agreement is defeated once again
    Read more

  • March 2019

    25 March 2019 – Bank of Ireland Economic Pulse down in March: Brexit has continued to make waves and temper the mood. Read more here

    21 March 2019 – UK granted unconditional extension to Article 50 until April 12, extending to May 22 if deal is passed beforehand

    The EU eventually offered the UK an unconditional extension to Article 50 until April 12 which extends to May 22

    if the British withdrawal deal is passed before hand. This will reduce the cliff edge risk a no-deal crash-out next week but assuming Parliament

    won’t support May’s deal, the UK will within three weeks face a choice between a long extension or a no-deal Brexit

    14th March 2019 –  Brexit uncertainty drives saving sentiment to all time high. Read more here 

    13th March 2019 – Read our summary of last night’s Brexit Deal Vote and impact on currency markets this morning

    6th March 2019 – Download a copy of our new Guidance for importers and exporters

    4th March 2019 – Download a copy of our new Brexit Checklist for Businesses

  • February 2019

    20th February 2019 – Bank of Ireland has launched a €2bn Brexit Fund to help businesses across the island of Ireland prepare for the UK’s departure from the EU.
    Read more

    12th February 2019 – Sterling guidance from Bank of Ireland Markets & Treasury

    EUR/GBP is currently trading at 0.8750 having already eclipsed the entire 2018 trading range in the first month of this year. The 5% rally in Sterling since December has reflected the market view that a No Deal scenario was overpriced by markets with EUR/GBP above 90p. Our base case remains and that is that we avoid a No Deal scenario on March 29th.

    Analysing our probability-based estimates of the different Brexit scenarios, if we were to get the current deal – or something close to it – passed through the UK parliament, then we would expect to see a move towards the low 80’s in EUR/GBP. On the other hand a No Deal scenario will likely push EUR/GBP above the all-time high of 98p so currently the market is trading just below the middle of those estimates. Most market participants have a low probability for a No Deal scenario playing out and therefore we believe the risks for Sterling are not asymmetric at this stage. With a low probability assigned to a No Deal outcome, were this to occur then the move lower in Sterling would be far greater than the rally on a ‘soft-Brexit’ outcome.

    The risks for Sterling are very much two-sided and although our base case is to avoid a No Deal scenario, we’re not complacent about the risks. Our message to businesses has been consistent, take the currency risk out of your business.

    11th February 2019 – Brexit concerns see high rate of savers in border areas according to the latest Bank of Ireland/ESRI Investment Index. Read the article here and download latest index results here

    4th February 2019 – Investment Markets Weekly – Keep up to date with the latest investment markets news and how Brexit is affecting them. Read more here

    1st February 2019 – Article – Which sectors will be most impacted by Brexit? Read more here

    1st February 2019 – Article – How can Bank of Ireland help you fund your preparations for Brexit? Read more here

    1st February 2019 – Article – How can you prepare your business for Brexit? Read more here

  • January 2019

    25 January 2019 – Sterling strengthened to an 18 month high against the Euro ahead of next week’s parliamentary vote on PM May’s ‘Plan B’. The pound is now 5% stronger since December as financial markets continue to price out the chance of a No Deal scenario. For Irish businesses, sterling volatility has returned with this year’s trading range already larger than the entire 2018 range, and we expect that to continue.

    Next week is likely to bring further volatility as Tuesday’s vote, and crucially the amendments to the bill, should see further moves in Sterling. Since December we’ve been highlighting the two-sided risks for Sterling to customers and given the 5% move, these levels offer excellent value for exporters in particular to reduce the currency risk in their business.
     Written by Lee Evans, Head of FX Trading, Bank of Ireland. Information correct as at 25.01.19 at 12.15pm.

    22 January 2019 – Watch our Bank of Ireland experts Jennifer Howett, Lee Evans and Pierce Butler give a clearer picture to businesses on the latest Brexit news and answer the key questions customers are asking about Brexit preparations. Watch here.

    22 January 2019 – What will happen to €/£ outlook under different Brexit scenarios? Read our expert’s latest views Read more.

    17 January 2019 – Bank of Ireland Global Markets Boosts Foreign Exchange facility to €50 Million We have increased our unsecured FX facility to €50million to meet customer demand. This supports businesses in proactively managing FX and interest rate risk, fixing their foreign exchange exposure at competitive market rates on the day they agree a contract with a customer or supplier, protecting their profit margins from adverse currency movements. Read more here

  • December 2018

    Brexit a drag on economy as Bank of Ireland Economic Pulse records the second lowest reading in series’ history. Read more here.

  • November 2018

    Listen to our experts discuss recent Brexit events and their impact on markets. Listen here.