The European regulatory system is hard at work in formulating the supervisory guidance on the many thorny issues raised by Brexit: the Central Bank of Ireland is heavily involved in the design of these policies through our participation in the SSM and the European Supervisory Authorities.
At the same time, the final impact of Brexit on the financial services industry depends on the outcome of the negotiations between the EU and UK: it is too early to tell. Many types of entities – including banks; insurance companies; asset management firms; and payments and electronic money institutions – have made applications to the Central Bank of Ireland.