Sources say there will be one backstop to avoid a hard border on the island of Ireland
EU and UK negotiators have agreed on a text that deals with the Irish border, RTÉ News understands.
The text was agreed at around 9pm last night and then transmitted to Downing Street.
While two well-placed sources have confirmed that the text was "as stable as it can be", they say it would not be correct to say that the negotiations have "concluded".
According to both sources, there will be one backstop to avoid a hard border on the island of Ireland.
The backstop will come in the form of a temporary UK-wide customs arrangement, with specific provisions for Northern Ireland, which go deeper on the issue of customs and alignment on the rules of the single market than for the rest of the UK.
It is understood the text has an agreed review mechanism.
While the text is regarded as "stable", it is understood there is further shuttling between London and Brussels.
RTÉ News understands that while the main backstop focuses on a UK-wide customs arrangement, there will be specific provisions within the text and within annexes for Northern Ireland, should the UK-wide arrangement not prove sufficient to avoid a hard border.
Sterling is taking a hit from the news so GBPUSD is going down, EURGBP will go up etc.
Need custom MT4 coding? Send a PM to Mrtools or post here for a quote!
Apparently "If nothing extraordinary happens"