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Sun 26 May 2019 07:52 AM

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Ireland steps up monitoring of UK fund market over Brexit

Central Bank of Ireland asked fund investment companies to immediately notify it of any large-scale mutual fund withdrawals

Ireland steps up monitoring of UK fund market over Brexit
The Irish central bank has opted to further scrutinize investment fund activity as part of its Brexit preparedness

The Central Bank of Ireland has increased its monitoring of the UK investment market as it prepares for Brexit, the Financial Times reported.

The bank asked fund investment companies to immediately notify it of any large-scale mutual fund withdrawals, the FT reports, citing a confidential request sent in December. The Irish central bank has opted to further scrutinize investment fund activity as part of its Brexit preparedness, the newspaper said, citing the letter.

FT says the Central Bank of Ireland and fund administrators BNY Mellon, Northern Trust, JPMorgan, Brown Brothers Harriman and State Street all declined to comment.

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