The formal process of the UK leaving the European Union has now begun. The UK has triggered Article 50 and over the next two years, the two sides will negotiate the terms of the UK’s departure.
As a self-governing British Crown Dependency, the Isle of Man is not part of the UK or the EU, but the Island still has political and economic links to both. There is, for example, free movement of manufactured goods and agricultural products in trade between the Island and the EU. The UK has assured the Isle of Man Government that it will look after the Island’s interests in Brexit negotiations.
The Isle of Man’s relationship with the UK is not expected to change because of Brexit. We have been assessing its potential implications since the referendum result and do not anticipate that the UK’s departure will have a material impact on our business.
Greater certainty will develop over time and we will continue to proactively monitor developments so that we can respond to any future impacts appropriately and quickly. We continue to offer euro banking products, and you can still make payments to EU countries. It is also worth noting that the Standard Bank Group is financially sound and well-capitalised, with assets exceeding R1.95 trillion (USD143 billion).
The Isle of Man Depositor Compensation Scheme is also in place to protect depositors’ funds. We will continue to monitor developments with your best interests in mind. If there are any issues or changes that may affect you, we will communicate these to you in a timely manner.
For further information please visit the Isle of Man Government’s website here: