The Central Bank has done as much as it could have been expected to do to make sure the country's financial system is ready for whatever manner neighboring Britain leaves the European Union, its new governor said today.
Gabriel Makhlouf said Brexit would not a good thing for Ireland, regardless of how Britain leaves the bloc.
"I've been impressed with the work that I've seen the bank doing and have done on preparing for Brexit.
"I'm also pretty confident that we've probably done as much as we can be expected to have done to make sure the financial system is ready for whatever happens," Mr Makhlouf said.
Also speaking at the same media briefing, deputy Governor Ed Sibley said the Central Bank was considering whether Irish credit unions should withdraw the €1.8bn of their assets that are currently being held by UK based institutions if there is a hard Brexit.
Mr Sibley said the bank is currently working on the issue and will shortly engage with credit unions about it.
But he added that the bank would be as pragmatic as it can be.
Credit unions are not permitted to keep deposits and investments in financial institutions in so-called third countries or states that are outside the EU.
The issue was raised in the Dail yesterday by Fianna Fáil finance spokesman, Michael McGrath.