PM BROWNE RENEWS FEARS ABOUT DE-RISKING

As part of his busy week of activities in New York, Prime Minister Browne also addressed a high-level forum about the loss of correspondent banking relations.
Prime Minister Browne told a forum organized by the International Chamber of Commerce about the grave threat to the region from de-risking.

Large correspondent banks in Europe and North America have been severing ties with banks in the region, as they fear such transactions could be in breach of financial crimes regulations.
The banks cut these ties because the risks are much higher than the rewards of a relatively small portion of their business.
Prime Minister Browne outlined the grave consequences for the region.