Sterling Current Accounts – Brexit Implications

 

There are implications for the protection of deposits in your Sterling Current Account as a result of Brexit.

Currently we are authorised as Allied Irish Banks, p.l.c. London Branch by the Central Bank of Ireland to conduct regulated activities in the UK. Under the Central Bank of Ireland’s Deposit Guarantee Scheme, all the eligible deposits you hold at one institution are combined and the total protection for those eligible deposits is a maximum of €100,000.

As Britain’s withdrawal from the European Union unfolds, we have applied to the UK Prudential Regulatory Authority for permission to continue to conduct regulated activity in the UK under a third country banking licence where eligible deposits in your Sterling Current Account will be protected by the UK Financial Services Compensation Scheme.

Under the UK Financial Services Compensation Scheme, all the eligible deposits you hold at the same institution are combined and the total protection for those eligible deposits is limited to £85,000.

While we wait for approval we will still be authorised by the Central Bank of Ireland to conduct regulated activities in the UK and the Central Bank of Ireland’s Deposit Guarantee Scheme will continue to apply.

We will write to you closer to the time to notify you when accounts are converting to FSCS, so you don’t need to do anything.

For more information on the Irish Deposit Guarantee Scheme including eligibility and exclusions, please click here.

For more information on the UK Financial Services Compensation Scheme including eligibility and exclusions, please click here

For more information on Brexit please click here.