The Sunday Times reports that Leeds Building Society is reviewing its future in Ireland. Article here (paywall, free reg required to read).
Nothing firm in the article but the Brexit options for Leeds seem to be:
1. Exit Ireland. (Not as simple as Nationwide ... who will Leeds sell their mortgages to?)
2. Register as a bank in Ireland. (Hardly worth it given their small scale, their wind-down mode and Brexit time is ticking if they want to do this as registration is a lenghty process).
3. Sit on their hand and wait to see if a transitional agreement is put in place for passporting. (Seems very risky and even if it happens it would probably be short term).
Nationwide UK (Ireland), Leeds Building Society (Ireland) and Investec (Ireland branch) are all structured as branches of a UK parent and take advantage of passporting rules that are unlikely to exist post Brexit.
Plans for Leeds surely need to be in place sooner rather than later because wind-downs or the set up new banking licenses would take time.
Nothing firm in the article but the Brexit options for Leeds seem to be:
1. Exit Ireland. (Not as simple as Nationwide ... who will Leeds sell their mortgages to?)
2. Register as a bank in Ireland. (Hardly worth it given their small scale, their wind-down mode and Brexit time is ticking if they want to do this as registration is a lenghty process).
3. Sit on their hand and wait to see if a transitional agreement is put in place for passporting. (Seems very risky and even if it happens it would probably be short term).
Nationwide UK (Ireland), Leeds Building Society (Ireland) and Investec (Ireland branch) are all structured as branches of a UK parent and take advantage of passporting rules that are unlikely to exist post Brexit.
Plans for Leeds surely need to be in place sooner rather than later because wind-downs or the set up new banking licenses would take time.
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