DUBLIN (Reuters) – The “cliff-edge” risks of a hard Brexit to the stability of the Irish financial system are manageable and its “most significant” firms are already executing contingency plans, Irish Central Bank Deputy Governor Ed Sibley said on Thursday.

“I am satisfied that from a financial stability perspective the most material and immediate risks are now manageable. This is not to say that a hard Brexit will not be bumpy for the economy, and for the financial system. Indeed, some level of market disruption would be inevitable,” Sibley said in a speech.

“The Irish banking system is considerably more resilient than it was, and the most significant firms operating in Ireland across all sectors have, in line with our requirements, prepared and are executing contingency plans for a hard Brexit.”

(Reporting by Padraic Halpin; Editing by Gareth Jones)