Bank of Ireland launches £1.75bn fund to mitigate Brexit

  • Bank of Ireland has just launched a massive £1.75bn fund to help businesses in Northern Ireland and the Republic of Ireland cope with Brexit.

    Businesses across the UK and Ireland have been trying to prepare for Brexit for the past several years, but a lack of clarity from the UK Goverment has made planning extremely difficult for many businesses. It now seems likely that the UK will exit the EU without a deal on March 29th next month, and some businesses aren't prepared to deal with that scenario.

    Today Bank of Ireland has announced the launch of a massive new £1.75bn All-Ireland Brexit Fund to help businesses in Northern Ireland and the Republic of Ireland handle disruption caused by Brexit. The decision to launch the fund was made in part due to recent NI chamber research showing that around 50% of all business were experiencing cashflow issues as a result of Brexit.

    Bank of Ireland UK's Northern Ireland Managing Director Ian Sheppard announced the fund today, saying: "I am delighted with the launch today of Bank of Ireland’s £1.75bn All-Island Brexit Fund. [...] Our business advisors are talking to customers on a daily basis and we know that some customers need further support with stocking facilities, foreign currency management and working capital in the lead up to Brexit."

    While some larger businesses have been able to prepare well for Brexit, smaller businesses and those in sectors such as agriculture and manufacturing are having a much harder time. Many businesses are in the process of finding new suppliers, facing uncertain import and export conditions that make forecasting difficult, and facing challenges in accessing labour. The Bank of Ireland All-Ireland Brexit Fund is expected to help mitigate these issues.

    Source: Bank of Ireland Press Release

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    Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.

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