Central Bank to revise Irish economic forecasts this month

Central Bank deputy governor Cyril Roux has told financial sector bodies the institution will revise its Irish economic forecasts and risk assessment this month after the surprise Brexit vote.

Speaking at a round-table discussion on Thursday morning, Mr Roux said the bank has remained in close contact with firms it supervises, the Government, the European Central Bank and its supervisory arm, as well as other EU institutions since the referendum.

The Central Bank's governor Philip Lane had previously told staff after the UK referendum that the bank will review its economic forecasts as a result. The Minister for Finance Michael Noonan has said that the UK decision would likely shave 0.5 per cent off Ireland's growth rate this year.

Meanwhile, Mr Roux told financial sector representatives that the bank “continues to monitor carefully developments in the financial markets and on the regulatory financial services providers,” a spokeswoman for the Central Bank said.

As Irish officials, including IDA Ireland, see a number of financial services firms to move business to Dublin from Ireland in the wake of Brexit, Mr Roux said: "The bank remains committed to providing a clear, open and transparent authorisation process while ensuring a rigorous assessment of the applicant against regulatory standards so as to continue to ensure a high, consistent level of consumer protection."

Mr Roux said the bank “is confident that the contingency measures in place are appropriate to address any such issues that may arise in the short to medium term.”