As Dr Andreas Dombret of the Bundesbank recently remarked in a speech here in Dublin, there is “no alternative to timely preparation, and to preparing for the worst-case scenario of a hard Brexit”1. It may be helpful if I begin by laying out some of the fundamentals that we as the Central Bank use when approaching an issue as large and complex as Brexit.
The Central Bank’s vision for the Irish financial system is that it is well-managed, well-regulated, and sustainably serves the needs of the economy and consumers over the long term.