Bank of Ireland encourages local Northern Ireland businesses to revisit their Brexit checklist and consider the three Cs – Cashflow, Currency and Customs

Friday 18th December 2020

Bank of Ireland is encouraging local businesses in Northern Ireland to revisit their Brexit preparation checklist as trade deal negotiations move to a conclusion. Regardless of the outcome, it means change for Northern Ireland businesses trading with or through the EU and GB (noting the specific arrangements relating to trading with Northern Ireland under the Northern Ireland Protocol as agreed by the UK and EU) including potential currency volatility and a new customs regime.

There are three things – cashflow, currency risk, and customs – that every business should think about now:

1. Review cashflow
New trading arrangements are likely to bring increased cost. For example changes to business processes related to Customs compliance and changes in the supply chain could result in increased working capital requirements. Businesses are advised to engage with the Bank of Ireland to review and discuss their financing requirements.

2. Currency Risk
A potentially significant impact of Brexit is a possible increase in exchange rate volatility. Businesses may need to take steps to help mitigate and manage their foreign exchange risk. Businesses are encouraged to get in touch with their bank to discuss their foreign exchange options. Bank of Ireland has developed a Currency Risk Guide which provides customers with more information.

3. Customs & other important information if trading with or through the EU and GB
Bank of Ireland have developed a Brexit Readiness Guide for Northern Ireland SMEs covering Trader Support Services, Supplier Management, Trade Tariff Codes, getting an EORI number, Meeting EU Standards and Transportation & Haulage. In addition our dedicated Brexit Hub External Resources section is a gateway point for important information and resources from Government, Industry and specialists in Brexit advisory services.

Niall Devlin, Head of Business Banking Northern Ireland, Bank of Ireland said; “We truly hope for a deal, but whatever the outcome how Northern Ireland businesses operate will change from 1st January 2021. That’s why we’re encouraging every local business to think about three important things now before Brexit becomes a reality.

“Northern Ireland businesses that trade with the EU and GB need to be ready from a cashflow, currency and customs perspective and there are a number of steps to take in readiness. For those business customers who have not yet taken the necessary steps to be prepared, we urge them to contact us.”

Since 2016 Bank of Ireland has been working with our customers to provide advice and practical support on how they can prepare for Brexit:

  • Bank of Ireland has a number of financial supports in place to help customers with their specific requirements, whether it is protecting their business from risk or investing for growth and expansion. This includes our All Island Brexit Fund £1.75bn (€2bn) designed to support businesses flex and adapt to Brexit change.
  • Our teams are responding to customer queries 9am to 5pm, Monday to Friday and over the Christmas holidays on Thursday 24th, Weds 30th, Thursday 31st Dec and from Monday 4th Jan onwards. Customers can also contact us via our dedicated Business Customer Brexit Queries email BBNIBrexit@boi.com.
  • Our dedicated FX dealing team is available Monday – Friday 8am – 6pm and can be contacted by phone on 0289 032 2778 or by emailing boiukfxpay@boi.com.
  • Our local business banking teams are talking to customers on a daily basis and ready to discuss how we can help business grow trade internationally over the next number of months.
  • Dedicated Brexit Hub – with contents including:
    • Managing Currency Guide
    • Regularly updated Foreign Currency commentary
    • Brexit Readiness Guides for Northern Ireland SMEs – covering TSS, Supplier Management, trade tariff codes and Data management
    • Signposts to resources and advisory services available from Government, Invest NI, Intertrade Ireland, IOD Ireland, CBI, BDO and other industry bodies and professional intermediary Brexit services