Bank of Ireland launches €2bn Brexit fund to help firms prepare for UK exit

Bank of Ireland has launched a €2bn Brexit fund.

The aim of the initiative is to help businesses around Ireland prepare for the UK’s departure from the European Union.

Over the coming months the bank will also run a series of nationwide events for small and medium businesses.

This follows on from the bank’s decision last month to increase its unsecured foreign exchange facility to €50m from €20m in order to meet demands from business customers.

The facility is designed to help firms manage Fx risk and retain certainty on cash flow and profit margins.

Back of Ireland said that despite the potential risks posed by Brexit, firms are also identifying  opportunities for investment and growth both at home and abroad.

“This fund will provide the necessary support to implement those plans,” Gavin Kelly, CEO of Retail at Bank of Ireland, said.

“Our team is working closely with customers to provide the most suitable financing options for their unique circumstances, when and if required,” he added.

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