Saturday 22 October 2016

Banks already looking at moving to Dublin post-Brexit - Central Bank

Published 27/09/2016 | 09:41

Central Bank Governor Philip Lane. Picture Jason Clarke.
Central Bank Governor Philip Lane. Picture Jason Clarke.

UK banks are already weighing up a move to Dublin following Britain's decision to leave the European Union, Central Bank governor Professor Philip Lane has said.

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Brexit may diminish London's attractiveness as a financial hub and a number of institutions are exploring a move to the Irish capital.

Mr Lane told Bloomberg that there has to be a level of relocation following the referendum result but the amount of movement would be dependent on the UK's exit negotiations.

“The UK has to decide what it’s asking for and the EU has to respond to that request,” Mr Lane said. The Central Bank chief also said Ireland is looking for a "win win" scenario with both the UK and the EU.

Mr Lane also said the institutions are not in decision-making mode yet, but are simply doing research on the capital. He also said the bank will have sufficient staff to deal with an influx of financial institutions from the UK.

"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.

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