Tuesday 24 October 2017

Central Bank not seeing any major Brexit exodus bonus

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

Gretchen Friemann

The level of interest in Ireland as a post-Brexit location has remained stable despite signs of hardening negotiations between the UK and the EU.

It is understood the Central Bank of Ireland has not recorded an uptick in the number of banks and financial services firms considering establishing a European hub in Dublin.

Companies considering a move to Ireland give practical issues like housing, a skilled labour force, infrastructure and the availability of decent office space as much weight in their decision making as the regulatory environment, according to those familiar with the Brexit negotiations.

Earlier this year the then Minister of State for Financial Services, Eoghan Murphy, said "other cities in Europe are being very aggressive in trying to win business".

It is understood that Irish authorities continue to hear anecdotal evidence of rival jurisdictions touting looser regulations in a effort to lure post-Brexit jobs.

In June the Central Bank denied suggestions it must play a greater role in promoting Ireland in the wake of last year's referendum. The bank was stripped of that role after the crash, a decision Governor Philip Lane described as a "good decision" in a recent letter to the Seanad Brexit committee.

The regulator's focus now is on financial stability and consumer protection.

Barclays, Legal & General, and Bank of America are among the global corporations that have so far committed to expanding operations in Dublin after Brexit.

Irish Independent

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