Barclays shifts chunk of assets to Ireland over Brexit concerns

Barclays has been given permission to immediately shift €190bn of client assets to Ireland as part of its preparations for a potential no-deal Brexit.

A High Court judge on Wednesday ruled that the British bank can moved the assets to its Irish division as it “cannot wait any longer” due to the uncertainty over the possibility of a no-deal Brexit.

Justice Snowden's judgment largely approved a scheme whereby roughly 5,000 clients will be transferred, with the external assets estimated to be worth around €190bn, based on 2017 accounts.

"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 to implement the scheme," the judgment said.