Its is entirely possible that the UK  will leave the European Union without a transition agreement, and companies need to do more to prepare for an abrupt departure, Irish Central Bank Deputy Governor Ed Sibley said on Tuesday.

Negotiations on the terms of Britain’s exit from the EU have made slow progress before a March 2019 deadline. Talks on the transition period have not even begun.

EU leaders meet on Thursday and Friday to discuss Brexit, and a draft communique showed they won’t adopt guidelines on possible transitional arrangements until December.

JPMorgan said on Monday the chance of a “no deal” Brexit had risen to 25% from 15% previously.

“It is entirely plausible, while it might well be regrettable, that there will be a hard Brexit with no transition period, and much more work needs to be done to prepare for this plausible scenario, particularly in the insurance sector,” Sibley said in a speech at a conference in Dublin.