BUSINESSES in Northern Ireland are ill-prepared for crashing out of the EU with the head of one of the region's largest banks describing a no deal Brexit as the biggest threat to the economy for a generation.
The grave warning from Danske Bank CEO Kevin Kingston came as the board of Invest NI voiced deep concern about the implications of failing to secure a Brexit withdrawal deal.
The job creation quango has written to the north's political parties urging that "every possible step" is taken to avoid a no deal scenario.
The letter warns that crashing out could compromise the region's ability to attract international investment.
The correspondence, revealed by the BBC, follows a recent briefing of board members by Invest NI's executive team, which highlighted how many businesses "have not yet even begun to address the key business issues they could face".
It said small and medium-sized businesses were especially vulnerable, while the most susceptible sectors would be agrifood, advanced manufacturing, life sciences, construction and technology.
The latter calls on political leaders to ensure "every possible step is taken to avoid the consequences which a no-deal scenario would have on the Northern Ireland business base".
The chief executive of Invest NI Alastair Hamilton, a former DUP special adviser, has taken an upbeat view of Brexit, previously telling the BBC he was "excited" by some of the opportunities presented by leaving the EU.
He suggested said it would release his agency some from some of the state aid "challenges" of EU membership.
Meanwhile, Danske Bank head Mr Kingston said he was "gravely concerned about the challenges ahead, should a hard Brexit become a reality".
He said a lack of clarity around the issue is causing uncertainty among the bank's business customers.
He said smaller businesses were particularly at risk.
"What we have seen is that larger businesses have been taking decisions to try to safeguard their operations, but the smaller businesses are far less prepared, making them the most vulnerable," said Mr Kingston.
"It is these businesses that are of course the lifeblood of the economy in Northern Ireland."
Mr Kingston said a hard Brexit would impact a "whole range of sectors and individual businesses right across Northern Ireland".
"That converts into lower economic growth and businesses making tough decisions about the number of people they employ and their investment," he said.
"That, inevitably, will have an impact on consumers in Northern Ireland and the financial affairs of people on the street."
