Barclays is to move £166bn worth of assets from the UK to Ireland as the bank steels itself for a no-deal Brexit outcome.
Details of the move were revealed in a judgment by Mr Justice Snowden that largely approved the “huge” transfer, which will apply to thousands of clients of the bank.
“Our preparations are well-advanced and we expect to be fully operational by 29 March 2019” said Barclays.
Earlier this month East Midlands Business Link reported on how 47 financial institutions have plans to move business activities out of the UK in order to cope with potential disruption from Britain’s impending departure from the European Union.
The BBC reported that the number of staff at Barclays’ Dublin branch is predicted to double to 300, while few jobs in London are expected to be impacted.
The go-ahead from the High Court applies to two companies within the group – Barclays Bank Plc (BBPLC) and Barclays Capital Securities Ltd (BCSL) – which provide corporate banking, investment banking and private client services through branches in Germany, France, Spain, Italy, the Netherlands, Portugal and Sweden.
In approving Barclays’ application, Mr Justice Snowden said: “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 29th March 2019, which is the date currently set for Brexit.”