While many countries took an economic hit after Brexit, Ireland recorded a different experience. The country’s international banking performance improved, becoming a crucial player in the EU.
The Dublin Port took just a minor hit, with performance projected to improve. Government officials from Ireland and Britain will meet to discuss trade relations.
Brexit Boosts Irish international banking operations.
The balance sheets of Ireland’s systematic banks with international operations have grown as much as €200bn since the UK voted to leave the EU six years ago. According to the Chair of the Federation of International Banks in Ireland(FIBI) and CEO of Wells Fargo Bank International, Fiona Gallagher, the UK’s exit from the EU has put Ireland as one of the key hubs for international banking and markets activity in the European Union.
“International banking operations in Ireland are now acting as a key bridge to servicing the EU market, directly and through its vast EU branch networks.” She added. The transfer of assets and the expansion of operations after Brexit benefitted Ireland. As 2020 concluded, the country had the eighth largest banking sector in the EU.
Dublin Port partially thrives.
Overall activity and the volume of goods passing through the Dublin Port dipped marginally despite the impact of Brexit on the Irish Sea. A total of 34.9 million tonnes went through the facility, down 5.2% compared to the year before. Despite the impact of the COVID pandemic, the number of ferry passengers who used the port rose 1.5% compared to 2020.
According to port, Roll-on-Roll-Off units dropped by 9.3%, while the Load-On-Load-Off containers rose by 10.2%, redressing the decrease of the Roll-on-Roll-Off category. There had been fears of delays and backlogs at UK and Irish ports ahead of the 2020 Brexit transition period – however, that doubt has subsided. As activity between the capital and continental Europe grows, the port is forecasting an increase in total trade volumes this year.
Minister for Foreign Affairs to meet Brexit Minister.
The Minister of Foreign Affairs Simon Coveney will meet British Foreign Secretary Liz Truss in London for the first time since she took over Brexit responsibilities. Following a virtual precursory meeting to discuss the Anglo-Irish relationship and co-guarantor aspect of the Good Friday Agreement, the two officials will meet for the first time in person.
Brexit did not bode well for many European economies. Ireland managed to mitigate the unfavorable withdrawal effects from the EU. Although the Dublin Port took a hit, it remains to be fully functional. Visit Mark Kennedy & Co for updates on Brexit, the UK, Irish economy news, and more.