Nearly 30 years-worth of Britain’s net EU budgetary contribution has just been lost in one click

Nearly 30 years-worth of Britain’s net EU budgetary contribution was lost in one click this week after Barclays announced it is to move €190 billion (£166 billion) worth of assets from the UK to Ireland in preparation for a possible no-deal Brexit.

The bank said it “cannot wait any longer” to implement its Brexit contingency plan, which was approved by the high court on Wednesday.

Assets linked to around 5,000 clients will be moved to a Dublin-based unit, which is expected to double in size to 300 people as a result of the business being channelled though the Irish capital.

In a statement, the bank said: “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.

“Our preparations are well advanced and we expect to be fully operational by 29 March 2019.”

The move comes shortly after the Royal Bank of Scotland applied to transfer a third of its own investment bank clients and assets worth billions out of Britain to Amsterdam in preparation for Brexit.

The Dublin and Amsterdam moves safeguard the banks’ businesses against a no-deal Brexit, allowing them to continue serving European customers even if Britain fails to strike a trade deal that covers financial services contracts.

In approving Barclays’ application, Mr Justice Snowden said in his judgement: “Due to the continuing uncertainty over whether there might be a ‘no-deal’ Brexit, the Barclays Group has determined that it cannot wait any longer to implement the scheme.”

He added that the Irish operation “must be legally and operationally ready to conduct all relevant regulated business with the in-scope clients by no later than 29 March 2019, which is the date currently set for Brexit.”

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3 Responses

  1. Johnito

    As an Irishman living in Dublin…may I say Thanks lads. However I had heard that Barclay’s assets were over eur 1 trillion…so I was thinking that eur 190 bln was a bit …well …well let me out it this way…You might have been a bit more generous…Come on lads you can do better than eur 190 bln…How do you think the second most productive economy on the planet with is going to be able to afford the Chataeau Lafitte 1950 to celebrate its 9% GDP on only eur 190 billon? Anyway..keep it comin’ guys. Oi Lloyds and the others Hurry up.

  2. Paul Blom

    Somewhat sensationalist. Barclays manages in the region of £1.3 trillion. Moves like this will ensure that London remains the financial capital of the world regardless of Brexit.

    1. GVW LEWIS

      Paul Blom, you are either delusional, or suffer from irremediable stupidity! Yeah, the 190 Billion going to Dublin is only just part of the full High Court Grant. Barclays is moving another 700 Billion to Amsterdam! RBS is doing the same, and we know that there are at least 17 more banks and financial institutions in the City of London, moving staff, assets, services and even HQ registrations to Paris and Frankfurt. Additionally, Volkswagen, Mini, BMW, Jaguar Land-Rover and Nissan are all taking steps to move operations partial or wholly. Dyson is moving to Singapore. The list of the damage is ENDLESS! This Country is hemorrhaging assets, cash, hedge funds, pension funds, liquid assets, bullion, foreign talent, University professors, scientists, I see no end to the list of stuff that has already happened. The REMAIN campaign warned this would happen, but was dismissed as PROJECT FEAR. Well, welcome to PROJECT FACT. I am pointing a very pointy accusatory finger at all the Brexiteers!!! You committed TREASON against this Country. This is TREASON!

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