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NEWS


IBS Journal March 2018


13


London banks should move fast to avoid Brexit backlash, warns ECB


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welve major banks are planning to expand their European presence following the UK’s exit from the EU, and others need to get going if they want to keep their rights.


According to Sabine Lautenschlaeger, a member of the executive board of the European Central Bank (ECB), time is running out for institutions that wish to make a move before Brexit comes into force.


“We cannot be sure whether the transitional period will really happen,” she said, according to a report from Associated Press. “Banks must continue to prepare for any outcome, including a hard Brexit.”


Under a hard Brexit, the UK would exit the European Union completely in March 2019, without any free-trade access to the zone. Banks operating in London would lose their automatic right to operate in the EU, including non-UK banks using London as their European gateways.


Banks that plan to relocate, or create a new European HQ, should have already submitted their applications, said Lautenschlaeger. She added that eight banks have already applied and four others have indicated they plan to “substantially increase their activities”.


In November 2017, David Davis, British secretary of state for exiting the European Union said that bank employees and other professionals would be able to move freely across Europe following Brexit.


London’s expertise and deep capital markets, plus similar regulatory goals to the EU would make London indispensable for the EU’s economy, according to Davis.


UK firms need to start thinking about the legal repercussions if a withdrawal agreement is not signed with the EU


It took less than a week for Davis’ counterpart, the EU’s chief Brexit negotiator Michel Barnier, to rectify the statement. “Brexit means Brexit, everywhere,” he said in response.


“On financial services, UK voices suggest that Brexit does not mean Brexit,” said Barnier in a speech in Brussels. “The legal consequence of Brexit is that the UK financial service providers lose their EU passport. This passport allows them to offer their services to a market of 500 million consumers and 22 million businesses.”


Bank of Ireland brings in NAB exec to lead core banking transformation


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ank of Ireland has brought in former National Australia Bank (NAB) executive Steve Collier to spearhead its €900 million ($1.1 billion) core banking transformation project, after overseeing similar initiatives at his previous employer.


Bank of Ireland selected Temenos as its new core banking and systems provider in October 2016, following a search started in May the previous year. The bank is in the process of deploying the vendor’s UniversalSuite software suite, which includes Temenos’s flagship core banking solution, T24, as well as a omni-channel support, analytics and risk and compliance.


Codenamed Project Omega, the overhaul is designed to reduce Bank of Ireland’s costs to less than 50% of income. The bank’s costs were about 58% in 2017. The transformation could see as many as 1,000 jobs – 9% of the bank’s workforce – eliminated by 2019.


Current chief executive Francesca McDonagh inherited the transformation when she took control of the bank in October 2017. In an email to staff, seen by the Irish Times, McDonagh said the project is “a big part of the work were are doing on our systems”, which was “helping to transform how we serve our customers, make things simpler and easier for them, and meet new regulatory requirements”.


www.ibsintelligence.com


freestocks-photos / pixabay


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