What it means for you
Icon expand What this means for you?
What this means for you?
There are no immediate changes to your everyday banking services while the UK remains a member of the EU. We are closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.
What this means for your business?
Regardless of the outcomes of the Brexit negotiations, we are committed to helping you and your business succeed. With our expert knowledge, we’re here to support you with the opportunities and challenges that Brexit could potentially bring to your business.
Icon expand How are we planning for Brexit?
While the EU negotiations continue, the full implications and outcomes of Brexit are unknown, however we are preparing for a number of scenarios to ensure we’re ready to embrace the outcomes whether a deal is negotiated or not.
Our CoxCrest Bank DAC business will continue to provide services for our customers that do business in Ireland.
Like any prudent business we are working through the various exit scenarios and have contingencies in place to ensure we continue to provide you with the full range of services they require. The fundamentals of our strategic plan remain constant.
We will continue to monitor the situation, assess how the final agreement will affect you and keep you updated on how we can help you through any changes this will bring.
Brexit Frequently Asked Questions
What does Brexit mean?
“Brexit” is the short-hand term being used to describe the UK’s exit from the European Union (EU).
The UK voted to leave the EU following a referendum in June 2016. In March 2017, the UK Government started the process of leaving the EU by triggering Article 50 of the Treaty on European Union. The UK is expected to remain a member of the EU until 29 March 2019.
There should no immediate impact on your everyday banking services.
What is Article 50?
Article 50 of the Treaty on European Union is a provision in law which sets out how a Member State can leave the EU.
What has been announced by the European Council in November 2018?
The EU and UK have signed a Withdrawal Deal on the UK’s departure from the EU, including a transition period until 31 December 2020. They have also agreed a top level political agreement on the future UK-EU relationship which is not legally binding at this stage.
Icon expand What happens next?
The Withdrawal Deal now needs be approved by member states and the UK & European Parliaments. It is expected that the full future EU-UK deal, including for financial services will be worked through during the transition period.
Icon expand What does it mean for me as a customer?
Nothing has changed as a result of the announcement. There will be no immediate impact on your everyday banking services.
The UK is expected to remain a member of the EU until 29 March 2019 and the transition period that then follows should be on the same terms we have today.
Icon expand What is the transition period?
It is a period of time between 29 March 2019 and 31 December 2020 to allow businesses and others to prepare for the moment when the new post-Brexit rules between the UK and the EU begin.
In March 2018, the European Council announced that a political deal on a transition period had been agreed ahead of the UK’s withdrawal from the EU. And at the end of April 2018, the European Central Bank indicated that passporting rights would remain in place for UK firms during the proposed transition period.
Icon expand Which countries are in the EU?
The EU currently consists of:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.
Icon expand Which countries are included in the European Economic Area (EEA)?
The EEA includes EU countries and also Iceland, Liechtenstein and Norway. It allows them to be part of the EU’s single market.
Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.
Icon expand Can I still make and receive payments from UK and EU countries?
Yes. There should be no immediate changes to how you make and receive payments to UK and EU countries. And of course you can continue to access your bank account through the mobile app to conduct your everyday banking needs. Your usual direct debits and other payments should continue as normal.
Icon expand Will I still be able to use ATMs in the UK and EU countries?
Yes. It will still be easy to use your bank card in ATMs in the UK and across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And of course you can continue to access your bank account through the mobile app to conduct your everyday banking needs.
Icon expand What does a ‘no deal’ mean?
Essentially, a ‘no deal’ means that there would be no formal agreement reached during the negotiations between the UK and the EU. Leaving without any deal would most likely mean an immediate Brexit, without the 21-month transition period agreed upon with Brussels.
Icon expand Are preparations for 'no deal' already taking place?
Yes, the UK Government has been careful to say that it is not seeking a 'no deal' outcome, but that it has to be prepared for all eventualities. Contingency planning is also happening elsewhere in the EU within both Governments and the business community. In preparation for all eventualities, we too are contingency planning on a range of scenarios. If this happens it’s expected that the UK would operate on World Trade Organisation (WTO) trading terms and principles at the end of any transition period (or from 29 March 2019 if transition is not legally formalised). Our aim is to continue to provide you with the same level of service as we do today regardless of the outcomes of the Brexit negotiations.
Icon expand What would 'no deal' mean in practice?
One of the key issues with a no deal scenario is the uncertainty and it is impossible at this stage to say exactly how significant these events would be. Some of the main concerns are around trade, immigration, laws, taxes and the Irish border. For example, there’ll be no automatic loss of immigration status if the UK and the EU fail to agree on a Withdrawal Agreement.
Irish government support tools
- General - www.dfa.ie/brexit
- Government supports available - https://www.dfa.ie/brexit/getting-ireland-brexit-ready/brexit-and-business/financial-supports-for-business/
- What Brexit means to you - https://www.dfa.ie/brexit/getting-ireland-brexit-ready/brexit-and-you/
- IBEC Brexit site - http://www.ibec.ie/Ibec/Brexit.nsf/vPages/Home~Brexit?OpenDocument]
- European Movement Ireland Brexit A-Z - http://www.europeanmovement.ie/wp-content/uploads/2018/09/BREXITAZUpdated.ppt
The SBCI Brexit Loan Scheme is offered in partnership with the Department of Business Enterprise and Innovation, the Department of Agriculture Food and the Marine and is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments. For further information : https://coxcrestbank.com/home/business/accounts-and-services/business-lending/SBCI-Brexit-Loan.html
To find out if you are eligible to apply for the SBCI Brexit Loan Scheme please contact the SBCI to be assessed: https://sbci.gov.ie/brexit-loan-scheme.