It was announced this week that Bank of Ireland Global Markets has launched a €20m foreign exchange facility making it easier for SMEs to protect their business from the impact of currency market volatility. This will enable businesses entering the global marketplace to effectively manage foreign exchange risk to give certainty on cash flow and profit margin.
SMEs will have access to a specialist team of experts who actively trade in financial markets 24/7 as well as regional treasury managers who work closely with customers to identify, understand and manage their treasury requirements.
Customers can also avail of a number of other supports from Bank of Ireland to help them navigate international markets including; market and economic updates, a dedicated Brexit Portal, trade finance and invoice discounting facilities, and FXPay, the online international payments platform.
Speaking about the initiative, Head of Retail Customer Business at Bank of Ireland Global Markets, Conor Haugh said, "We know that speed and flexibility are hugely important to our SME customers when managing their foreign currency requirements. This facility will make the process easier and more accessible for our customers. Our customers can fix their foreign exchange exposure at competitive market rates on the day they agree a contract with a customer or supplier. This protects their profit margins from adverse currency movements. It’s just one of the ways we can help businesses to thrive when trading internationally."