Barclays to move £166 billion worth of assets to Ireland 2 years ago

Barclays to move £166 billion worth of assets to Ireland

Big news.

Barclays has been approved to move £166bn (€190bn) worth of assets to Ireland amid the continuing uncertainty of a no-deal Brexit.

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The High Court ruling allows them to move a sizeable chunk (around 15%) of their £1.3 trillion in assets to Ireland and involves 5,000 clients.

The plans will be in place by 29 March, according to the BBC.

As a result, the number employed by Barclays in Dublin is set to increase to 300 people, doubling its current workforce.

The move has been planned since 2017 and means the bank can transfer ownership of its branches in European cities such as Frankfurt, Paris and Milan from the UK to Barclays Bank Ireland.

"Due to the continuing uncertainty over whether there might be a no-deal Brexit, the Barclays Group has determined that it cannot wait any longer," a High Court judgment stated.

"As we announced in 2017, Barclays will use our existing licensed EU-based bank subsidiary to continue to serve our clients within the EU beyond 29 March 2019, regardless of the outcome of Brexit," the bank said.

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"Our preparations are well-advanced and we expect to be fully operational by 29 March 2019."