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Ireland's Central Bank Chief: Irish Border Firms Most Vulnerable To Hard Brexit

Published on Oct 3 2019 1:00 PM in Supply Chain tagged: European Union / ‘No Deal’ Brexit

Ireland's Central Bank Chief: Irish Border Firms Most Vulnerable To Hard Brexit

Ireland's new central bank governor on Thursday said businesses in the border area with Northern Ireland were most vulnerable to a no-deal Brexit.

In his first speech since assuming the role in September, Gabriel Makhlouf said the central bank's job was to ensure that risks to Ireland's economy and financial stability were identified, understood and mitigated.

"This is particularly pertinent for the 'cliff-edge' risks associated with a hard or no-deal Brexit," he told students at the Institute of technology in Dundalk.

"Ireland in general is particularly reliant on the UK in areas such as agriculture for exports and manufacturing for imports," he said.

"The border region where trade relationships are particularly close, is vulnerable with the strong inter-linkages between Irish and UK firms' supply chains."

He said the extent of the damage caused by Brexit would only become clear once the UK leaves the bloc and in the way it leaves, adding that a no-deal Brexit would be especially damaging.

The biggest obstacle remains a deep disagreement over how to keep open the seamless border between Ireland and Northern Ireland after Brexit.

News by Reuters, edited by Checkout. Click subscribe to sign up for the Checkout print edition.

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