Euroclear Ireland - delivering a new CSD for Ireland

For more than 20 years, we have provided integrated multi-currency settlement services for both Irish and UK corporate securities. Today, these services are provided by Euroclear UK & Ireland, a UK-based company with no physical presence in Ireland.

We recognise that the UK’s decision to leave the European Union (commonly referred to as ‘Brexit’) may make the current arrangements for Irish corporate securities settlement by Euroclear UK & Ireland untenable.

Consequently, our white paper Euroclear Ireland – Delivering continuity of Irish securities settlement post Brexit :

  • describes the proposed structure and services of a new CSD for Ireland, to be called Euroclear Ireland (EIR) which will need to be authorised and regulated, including by the Central Bank of Ireland under the CSD Regulation

  • looks at the possible consequences of Brexit on some of the services currently operated by Euroclear UK & Ireland

Please note that this proposal is subject to a number of dependencies, including matters outside Euroclear’s control, such as relevant regulatory approvals.

We aim to keep you informed via this page, and/or our regular communications channels, of further developments in relation to the proposed establishment of Euroclear Ireland.

You are also invited to register for our webinar on 5 March 2018 to learn more about the proposal which is detailed in the whitepaper.


Background

On 29 March 2017, following a referendum in 2016, the UK Government gave notice to leave the EU, using the procedure set out in Article 50 of the Treaty on European Union. This has triggered the need for the UK to agree withdrawal terms (commonly called "the Leaving Agreement") with the EU and the terms of a long-term future relationship as well.

Under the terms of Article 50, the UK will leave the EU from the date of entry into force of the Leaving Agreement or, failing that, two years after the notification, unless the European Council, in agreement with the UK, unanimously decides to extend this period. Therefore, we expect the UK to leave the EU in March 2019, unless other agreements are put in place.

Euroclear, like others with business in the UK, is planning for the UK to leave the EU in March 2019. The final shape of the UK's relationship with the EU is currently unknown.

Questions?

For any questions, we encourage you to contact your Euroclear Relationship Manager.

Important information

The subject matter of this webpage, white paper, webinar and any other Brexit-related information contained on euroclear.com, and in particular, the timely establishment of Euroclear Ireland, cannot be guaranteed and is subject to a number of internal and external dependencies, some of which are beyond Euroclear’s control. The content may contain proposals as to potential future action or results and may include forward looking statements – these contain inherent risks and uncertainties. Actual outcomes may differ materially from those expressed or implied or may not be achieved at all. No warranty or representation is made in relation to the content.