EU 'clearing house' seeks to calm Brexit tensions over Northern Ireland
February 17, 2021, 12:06 pm

EU 'clearing house' seeks to calm Brexit tensions over Northern Ireland

Maroš Šefčovič speaking to Ireland’s European affairs committee.

Maroš Šefčovič tells Dáil in Ireland he wants new committee to find solutions to trade problems

The EU is seeking to “de-escalate” Brexit tensions in Northern Ireland with the establishment of a new “clearing house” committee to work out solutions to issues caused by new trade barriers including controls on supermarket and chilled meat supplies.

The European commission vice-president Maroš Šefčovič said the introduction of the Northern Ireland protocol had been “administratively extremely challenging” but the EU was doing as much as possible to “calm down” and stabilise the backlash over checks and controls on goods entering the region from Great Britain.

He told MPs on Ireland’s European affairs committee that the UK rejected a transition period over issues such as the “supply chains of sausages” and that “teething problems” were inevitable.

“We knew this might happen. We have been discussing this with our UK partners for the last year.”

The barriers to supply chains have fuelled local protests, anti-protocol graffiti and an official campaign by the Democratic Unionist party to scrap the protocol completely.

Šefčovič said a new clearing house would be set up to assess any political solutions and act as an early warning system to alert both the UK and the EU to problems arising locally.

But he added the implementation of the protocol “is a shared responsibility” and the onus was on both sides to make it work. “It must be always a two-way street,” he said.

“We also have to recognise the fact that we knew from the beginning that the United Kingdom leaving the European Union, the customs union and the single market is a massive operation, that it’s not possible to prevent all the disruption.

“It was quite obvious from the beginning that there will be teething problems and I believe that we can resolve them if we work very well together,” he told the Dáil committee.

But he indicated there would be little flexibility around the protocol until the UK had implemented it fully, telling the committee that “official controls at the border control posts are currently not performed in compliance with the withdrawal agreement protocol and the European Union rules”.

There were “very few identity checks, very limited number of physical checks” and the EU could not assess the impact of trusted trader schemes and simplified health certificates for products such as chilled food until it had “real time” access to the customs data.

He will meet Northern Ireland business and civic leaders in an online summit on Thursday ahead of a meeting of the joint committee he chairs with the UK Cabinet Office minister, Michael Gove, which is due to take place no later than 24 February.

He gave little detail on the clearing house but said it would assess and evaluate political solutions to the protocol issues. It would be bolstered by the establishment of new Brexit structures including a partnership council, also to be jointly chaired by Gove and 19 “specialised committees”.

Šefčovič told the Dáil committee that he “deeply regrets” last month’s aborted attempt to suspend part of the protocol in an EU vaccine row and said there would be a monthly meeting of commissioners “with the highest stake in this new EU-UK relationship” to ensure such a blunder was not repeated.

source: Lisa O'Carroll

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.