Barclays is moving assets worth €190 billion from London to Dublin because it “cannot wait any longer” to implement its Brexit contingency plan.
These funds amount to 15% of its total €1.05 trillion of assets.
The move was approved by the UK’s High Court and involves 5,000 Barclays clients who seek assurances of uninterrupted service. The ruling recognises that the bank has a legitimate claim to uncertainty and cannot be forced to delay an internal decision on where to park its assets
“In light of the large volume of business to be transferred, the scheme contains a number of phased dates upon which the transfer of the different types of business, and the business of the branches in Spain, Italy, and France, will become effective,” a Barclays statement reads.
The bank warned in 2017 that it would use its existing licensed subsidiary in Ireland to continue to serve EU clients beyond March 29, 2019.
Barclays is the latest lender to move assets to the EU in preparation for Brexit. The Royal Bank of Scotland, Lloyds, Goldman Sachs, Morgan Stanley, and others have issued new licenses and transferred jobs to subsidiaries in preparation of the UK’s exit, with Frankfurt, Dublin, Amsterdam, Paris, and Luxemburg among the main beneficiaries.