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Sterling Current Accounts – Brexit Implications
As you know your sterling current account is part of Allied Irish Banks, p.l.c, London Branch and is currently authorised by the Central Bank of Ireland to conduct regulated activity in the UK - as such Brexit may have some implications for you. We want to let you know that Brexit is at the top of our agenda and have implemented the necessary contingency plans to manage a Hard Brexit scenario and to ensure a continued service after 29 March 2019.
One of the potential impacts for you is in regards to Depositor Protection. Currently depositor protection is governed by the EU Deposit Guarantee Schemes Directive (DGSD) however when the UK leave the EU it will no longer be subject to this scheme.
Sterling Current Accounts (NSC-238590) are currently protected under the Central Bank of Ireland Deposit Guarantee Scheme (DGS) and will continue to be protected up to 29 March 2019 regardless of the outcome of Brexit negotiations.
If there is no agreement between the UK and Europe (Hard Brexit), then eligible deposits will be covered by the UK deposit guarantee scheme - The Financial Services Compensation Scheme (FSCS).
If an agreement is reached on Brexit (Soft Brexit), then the deposits will continue to be covered by DGS, but may transfer to the FSCS no later than 31 December 2020.
Currently under the DGS Scheme, all the eligible deposits you hold at one institution are combined and the total is limited to €100,000.
Under the FSCS Scheme, all the eligible deposits you hold at the same institution are combined and the total is limited to £85,000.
Once the outcome of Brexit is known, we will write to all customers with more detail.
If you would like to speak with someone, you can call our dedicated helpline on 00353 (1) 7771194 any time between 9am and 5pm, Monday to Friday.