Bank of Ireland unveils €2bn Brexit fund for SMEs
Bank of Ireland has launched a €2 billion Brexit fund to help businesses across the island prepare for the UK’s departure from the EU.
“Navigating Brexit uncertainty”
The commercial bank will also run a series of nationwide Brexit events, aimed at SMEs over the coming months.
Gavin Kelly, CEO of retail at Bank of Ireland, says: “Brexit isn’t ‘business as usual’. We are here to support our customers flex, adapt and thrive.”
This latest news follows on from the bank’s move in January 2019 to increase its unsecured FX facility from €20 million to €50 million 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”.
Kelly explains that the fund will provide support to businesses “regardless of how the UK exits the EU”.
The bank goes on to say that it is also devising plans for maintaining adequate cashflow and managing currency risk – and many businesses are adapting their supply chain and logistics.
Despite the “potential risks”, the bank reckons Irish 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.
