Loss of free trade is main threat post Brexit says Irish Funds

Added 29th June 2016

The post Brexit arrangements may threaten the free trade approach between countries that has enabled Ireland’s financial industry to prosper, according to the Irish Funds Industry Association.

Loss of free trade is main threat post Brexit says Irish Funds

Speaking to International Adviser, Irish Funds chief executive Pat Lardner said Ireland had thrived on the basis of a free trade approach to doing business.

“If that approach is in any way threatened by what comes out of the Brexit debate and the decisions and arrangements that come out of it, it’s not good for investors, manufacturers of products or for the likes of associations such as ourselves.”

But on the political issues around Northern Ireland ceasing to be a member of the EU he said he did not expect this to have a negative impact on business.

“One of the first statements our government came out with, and was very clear on, was its absolute commitment as a member of the EU. So in terms of the financial services architecture that we operate within that’s exactly as is. 

“Secondly while in no way diminishing of the relationships that exist between Dublin, Belfast and London, that will take on its own dynamic as it always has, and that has never had any impact on the ability to establish services and deliver investment funds.”

Lardner also said that he expected investors to reallocate capital into the market at some point in the next few weeks, having held back in the run-up to the referendum vote.

“Brexit probably makes it more important what we do, which is to establish and deliver an efficient cross fund environment. The importance of this has gone up a couple of notches over the past few days.”

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Mark Battersby

Editor, International Adviser

International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.

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