Brexit will have a negative impact on the economy but could also provide opportunities, according to the Central Bank of Ireland.

There is no good outcome for the Irish economy from the UK’s decision to exit the EU, the Central Bank has warned, with indigenous firms likely to be in the frontline for years to come.

Irish financial services firms are fully prepared for the short-term consequences of a Brexit, the Central Bank has said.

The outlook for the economy remains remarkably rosy, as long as a number of big threats, including the potential for the UK to vote to leave the EU, are allayed, Central Bank officials have predicted.

Ireland's economy will grow more this year than previously expected, the Central Bank has said.

The recovery in the Irish economy is now “convincing”, the Central Bank says.

The Central Bank yesterday raised its economic growth forecasts, saying that the country is enjoying “an exceptionally strong” recovery.

The Central Bank plans to extend reporting requirements on the activities of financial corporation vehicles which are registered here but service financial activities across the global economy.

A strong recovery is under way, according to the Central Bank yesterday, as it reiterated a gentle warning to the Government against any potential giveaways in October’s pre-election budget.

The Central Bank has warned that the economy remains vulnerable to adverse shocks and said further financial consolidation will be needed to meet medium-term budgetary objectives.

The Central Bank has increased its forecast for Irish economic growth for last year and this year in its latest review of the economy.

The Central Bank yesterday announced a new chief economist, Gabriel Fagan, who will take up the role in October having left the ECB.

THE country’s grey economy is robbing the Government of close to €1.6 billion in unpaid taxes annually.