Bank of Ireland launches €2bn Brexit FundFebruary 22, 2019
Bank of Ireland launches €2bn Brexit Fund
- Gavin Kelly, Retail Ireland CEO – “Brexit isn’t ‘business as usual’. We are here to support our customers flex, adapt and thrive.”
- Fund is available to help businesses across the island of Ireland
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. The Bank will also run a series of nationwide Brexit events, aimed at small and medium enterprises, over the coming months.
Today’s announcement follows the Bank’s move in January 2019 to increase its unsecured FX Facility from €20m to €50m given ongoing demand from business customers. The facility is designed to support businesses to manage foreign exchange risk and retain certainty on their cash flow and profit margins – both of which are critical to navigating Brexit uncertainty.
In addition to devising plans for maintaining adequate cashflow and managing currency risk, many businesses are adapting their supply chain and logistics. For others investing in their working capital cycle is the primary focus at this time. Despite the potential risks, which differ by sector and location, businesses are also identifying opportunities for investment and growth, both domestically and abroad, in terms of new markets. This fund will provide the necessary support to implement these plans.
The Bank has run over 250 events aimed at supporting our SME customers in the past 18 months and Bank of Ireland’s nationwide team of business advisors, sector specialists and treasury managers are providing support and advice to customers on a daily basis with one to one clinics and meetings taking place across the country. The Bank has also expanded its online Brexit Portal, which launched in 2017, to offer an extended range of financial and foreign currency supports and tools as well as access to daily sectoral, trading and economic updates.
Speaking about the Bank’s initiatives, Gavin Kelly, CEO of Retail Ireland, Bank of Ireland said:
“We are completely focused on supporting and partnering with our customers, helping them to prepare for and navigate Brexit – whatever the outcome, and wherever they do business on the island of Ireland. Today, we are launching a €2bn Brexit Fund designed to support businesses in implementing their investment plans to flex, adapt and thrive into the future.
“This €2bn fund will provide support to businesses regardless of how the UK exits the EU. Our nationwide team of specialists are meeting customers in their place of work every day and are seeing incredible ingenuity and resilience in terms of how Irish SMEs are getting ‘Brexit ready’. Our team is working closely with customers to provide the most suitable financing options for their unique circumstances when and if required.
“We know from dealing with our customers that Irish businesses are quick to adapt to changing circumstances. Many will need to adapt how they operate as the Brexit outcome becomes clearer. Brexit isn’t ‘business as usual’, but we are here to support our customers flex, adapt and thrive. Our ‘all-weather’ Brexit fund will complement our ongoing commitment to the SBCI Brexit Scheme 2018.”
In addition to financial support, a series of Brexit focused events aimed at small and medium companies are scheduled to take place over the coming months in locations around the country as the outcome of the negotiations becomes clearer. These events will provide insights and practical information from Bank of Ireland and industry experts.
For more information about accessing finance, to set up an appointment for a meeting or clinic with one of our dedicated team, or for information about upcoming events visit www.bankofireland.com/brexit.