Saturday 24 June 2017

Big UK business banks told: ‘Don’t come to Ireland’

Paris and Frankfurt to mop up thousands of jobs in Brexit fallout

Reuters said the perception among big banks in London is of a cautious response from Dublin. Photo: Chris Ratcliffe/Getty Images
Reuters said the perception among big banks in London is of a cautious response from Dublin. Photo: Chris Ratcliffe/Getty Images

Colm Kelpie and Donal O'Donovan

Big investment banks are being discouraged from setting up in Ireland after Brexit because some officials here view them as too high risk.

The Central Bank has reportedly indicated to global investment banks they would face a tough time getting approval to shift operations here.

Ireland has been tipped as a contender to attract tens of thousands of high-end banking jobs displaced from London as a result of the UK's vote to leave the EU. Other countries, including France and Germany, have launched aggressive campaigns to woo banks.

The respected international news agency Reuters reported last night that Ireland was "reluctant" to absorb large-scale investment banking, which involves advising and financing large corporations.

"Our sense is that the appetite in Ireland is not that high for balance sheet banks," a source at a global bank said. Another said the lack of regulators was an issue.

However, a Central Bank spokesman denied it is reluctant to license investment banks and it has met a number of financial services firms about Brexit.

Irish Independent

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