Cur­rency firm tar­gets SMES with Brexit pro­tec­tion pol­icy

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Saman­tha Mc­caugh­ren

CUR­RENCY-PRO­TEC­TION com­pany As­sure Hedge has launched a new prod­uct, Brex­itPro­tec­tion.ie, aimed at Ir­ish SME’S ex­posed to fluc­tu­a­tions in ster­ling.

CEO Barry Mccarthy said there had been a sig­nif­i­cant in­crease in queries from Ir­ish ex­porters fol­low­ing warn­ings from Bank of Eng­land gover­nor Mark Car­ney that the value of ster­ling could plum­met by up to as much as 25pc in the case of a no-deal Brexit.

Mccarthy said a ster­ling rate of 95p to the euro would be enough to wipe out the prof­its of many Ir­ish ex­porters to the UK.

New fig­ures gath­ered by As­sure Hedge in a Dublin Cham­ber sur­vey in­di­cated that well over half of SMES are wor­ried about the volatil­ity of ster­ling as a re­sult of Brexit.

The com­pany claims the new prod­uct would help com­pa­nies to safe­guard their profit mar­gins. “It is a pol­icy which will ba­si­cally re­im­burse a busi­ness for all of its ster­ling-re­lated losses due to ster­ling volatil­ity. We make a sin­gle pay­ment to the client as a form of re­im­burse­ment.”

He claimed that tra­di­tional banks were pro­vid­ing lit­tle in the way of cur­rency so­lu­tions for SMES.

As­sure Hedge was founded in 2016 by Mccarthy and is based in Dublin’s IFSC.

Members of Our Fu­ture, Our Choice NI ar­rive to hold a ‘Peo­ple’s Vote’ protest at Stor­mont in Belfast, yes­ter­day, claim­ing they are not be­ing lis­tened to in the Brexit de­bate. Photo: Brian Law­less/pa Wire

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