Wednesday 28 June 2017

We'll recruit staff to deal with Brexit workload says Lane

Philip Lane, Governor of the Central Bank, tells a Bloomberg Television interviewer in New York that companies might relocate to Ireland ‘depending on how the [Brexit] negotiations go’
Philip Lane, Governor of the Central Bank, tells a Bloomberg Television interviewer in New York that companies might relocate to Ireland ‘depending on how the [Brexit] negotiations go’
Colm Kelpie

Colm Kelpie

Central Bank Governor Professor Philip Lane has said he'll be able to boost staff at the regulator to deal with any increased demand as a result of the British vote to pull out of the European Union.

Prof Lane said banks were already holding discussions in Dublin about the future, but he said it was too early to say to what degree Ireland would benefit.

The Governor also told Bloomberg TV that there would be some level of relocation of companies "depending on how the [Brexit] negotiations go".

"Of course it will be a challenge, but if new business comes along, we will be able to staff up to deal with it," Prof Lane said.

"A certain amount of enquiries come to us [at the bank], but probably more of the action at this point is more vis-à-vis law firms and other types of consultants who are helping global firms understand the pros and cons of Dublin versus other locations."

The head of the State's National Treasury Management Agency, Conor O'Kelly, told Bloomberg on Monday that if the UK continued to "isolate itself", Ireland could benefit.

Mr O'Kelly told Bloomberg TV that the implications of the vote are "profound".

Meanwhile, Scottish First Minister Nicola Sturgeon has ramped up pressure on London over the Brexit vote, saying Scotland - which strongly voted in favour of remain in the June 23 referendum - wants more detail about how the UK government plans to leave the EU and avoid a so-called hard Brexit, which could leave Britain without a trade deal giving the country preferential access to the single market.

"I'm trying to be tactful here - it would be helpful to know more about the UK government's kind of thinking," Ms Sturgeon said in a speech to the Institute of Directors.

"We would all benefit greatly from some clarity."

She said she didn't believe there was a mandate for a hard Brexit.

And in Northern Ireland it has emerged that a civil service paper compiled over a year before the poll set out a number of reasons in which a 'leave' vote could damage the economy, yet it was not published.

The paper, released by the investigative news website The Detail, which obtained the document under Freedom of Information, listed more than 20 ways which an EU exit could hit Northern Ireland's economy.

The issue was debated in the Northern Ireland Assembly in Stormont yesterday, with the DUP, which backed a vote to leave the European Union, saying that it was not common practice to publish internal planning documents.

Irish Independent

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