Jan 30, 2019

Barclays to move €190bn of assets to Ireland ahead of Brexit

Barclays has won approval from the High Court to move €190bn of assets to its Irish subsidiary because of what the judge called "Continuing uncertainty over . . . a 'no deal' Brexit". The judgment paves the way for a "Huge" transfer of assets to Barclays Bank Ireland that will affect about 5,000 clients and allow the bank to continue to service EU customers in the event Britain crashes out of the bloc on March 29. The move by Barclays, which has been planned since 2017, means the bank can transfer ownership of its branches in European cities such as Frankfurt, Paris and Milan from the UK to Barclays Bank Ireland. Barclays said: "As we announced in 2017, Barclays will use our existing licensed EU-based bank subsidiary to continue to serve our clients within the EU beyond 29 March 2019, regardless of the outcome of Brexit." In the judgment, Mr Justice Snowden said the plan was designed to "Deal with the consequences for Barclays of a 'no deal' Brexit," which would result in the lender losing "Passporting" rights that allow the bank to service EU clients from within the UK. "On any view, the scale of the transfer of business . . . under the scheme is huge," Mr Justice Snowden said.

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