Irish businesses are investing in various measures as they prepare for Brexit.
Pierce Butler, Head of Sectors for Business Banking at Bank of Ireland outlines some of the investments they’re making.
“Some companies are investing in training their staff to build up their skillsets in dealing with documentary and logistical requirements, especially those that have to date just exported to the UK.
“Other businesses are investing in their processes and operations, aiming to become more efficient and lower their cost base, either to offset potential tariffs or be as cost competitive as possible.
“They’re also looking at new market opportunities and investing in targeting new markets. That also makes good business sense regardless of the outcome of Brexit.
“We’ve also seen companies look at investment opportunities in the UK. Some have bought competitors there, so they’re able to continue to serve that market.
“Or they might have bought suppliers, to bring about that certainty of supply. More recently, a number of companies have invested in renting warehouse space, so if there are any disruption or delays in getting goods out of Ireland, they can build up a stock over there to mitigate the short-term impact.
At Bank of Ireland, we’re here to help and support our customers. There are a number of ways we can do this. If you log on to our new Brexit Hub, you’ll find we have a range of supports available.
But also talk to your Relationship Manager who will be delighted to help. We have a team of 120 mobile Relationship Managers who are out talking to customers at their place of business every day.
Whether it’s for short-term funding requirements, for dealing with an impact on cashflow, or for longer-term investments, we want to understand what the challenges and opportunities are for businesses, and to look at how we can support them with funding, as they look to address challenges or capitalise on opportunities.
Pierce Butler is Head of Sectors for Business Banking at Bank of Ireland.
Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. Security, lending criteria, terms and conditions apply.Over 18s only.
This article has been prepared by The Governor and Company of the Bank of Ireland (“BOI”), for information purposes only and BOI is not soliciting any action based upon it. BOI believes any information contained in the article to be accurate but BOI does not warrant its accuracy and accepts no responsibility for any loss or damage caused by any act or omission taken as a result of the information contained in this recording.
Any expressions of opinion reflect current opinions as at 28th January 2019, based on information available before this date. BOI accepts no responsibility or liability for the accuracy or validity of any third party content referenced herein. This article is property of BOI. The content may not be reproduced, either in whole or in part, without the express written consent of a suitably authorised member of BOI staff.
Bank of Ireland is incorporated in Ireland with limited liability. Bank of Ireland is regulated by the Central Bank of Ireland.