With effect from 19 September 2023, Allied Irish Banks, plc London Branch (AIB London Branch) was formally authorised by the Prudential Regulation Authority (PRA) to operate as a Third Country Branch in the UK. This is the final piece of the post Brexit transition journey we previously informed you of and we set out below the updated regulatory status for AIB London Branch:
Allied Irish Banks, p.l.c is authorised and regulated by The Central Bank of Ireland. Registered No. 24173. Registered Office 10 Molesworth Street, Dublin 2. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
By way of background, before the end of the Brexit transition period (31st December 2020), EEA financial services firms established in any EEA member state could use the passporting regime to establish a branch in the UK without being authorised by the PRA or the Financial Conduct Authority (FCA). In anticipation of the transition period ending, the UK Government established the Temporary Permissions Regime (TPR) for firms based in the EEA.
The TPR allowed EEA-based firms that were passporting into the UK to continue to operate in the UK within the scope of their previous passport permission and to continue to deliver products and services to UK customers, whilst they applied for full authorisation by the PRA. The new regulatory status reflects the successful completion of this application process and the authorisation of AIB London Branch as a Third Country Branch.
We have now commenced the process of updating all AIB London branch correspondence and documentation to reflect this changed regulatory status.