Brian Hayes to urge banks to tell customers of Brexit threat

MEP Brian Hayes will today urge Irish financial institutions to inform their customers and investors about the risks that Brexit poses to their businesses and what contingency plans they have.

In a speech to be delivered at a seminar hosted by the Dublin International Insurance & Management Association, he will argue that the threat of Brexit is “real” and the risks from a financial perspective could be “profound”.

“Let’s be clear about this – a vote to leave will have a major impact on Irish people’s investments. Our financial services sector needs to be prepared for a Brexit and needs to keep its customers informed,” he will say, citing how JP Morgan, had published factsheets for investors about what they should consider in the run-up to the referendum on June 23rd.

Mr Hayes will say the other risk is to pensioners. “Pension funds, like investment funds and stocks, are also susceptible to any major shock in financial markets. And since pension funds are currently suffering with the low interest rate environment, Brexit could push private pension funds into a very dangerous territory.”