Friday 18 January 2019

Dublin remains top location for financial services firms post-Brexit

To-date 27 firms have committed to relocating staff or operations from London to Dublin ahead of Brexit (Stock image)
To-date 27 firms have committed to relocating staff or operations from London to Dublin ahead of Brexit (Stock image)
Ellie Donnelly

Ellie Donnelly

Dublin remains the most popular choice for financial services companies to relocate post-Brexit.

This is according to the latest tracker from professional services firm EY.

To-date 27 financial services firms have committed to relocating staff or operations to the capital since Britain voted to leave the European Union in 2016.

The latest figures for Dublin are up from 21 in the last quarterly tracker, meaning that between September and the end of November last year, Dublin attracted six additional financial services companies to relocate to the city.

Paris has also gained popularity, with 15 companies confirming they are moving or adding some staff and/or operations to the French capital, up from 10 last quarter.

With less than three months to go before the UK withdraws from the EU, two more companies confirmed plans to relocate to Frankfurt and Luxembourg, with the numbers rising from 15 to 17 and 14 to 16 in the last quarter respectively.

"The latest figures are encouraging for Ireland as there were concerns that rising costs would impact its relative attractiveness," Simon MacAllister, partner and Brexit lead for EY Ireland, said.

"It appears that availability of talent and a proven track record remain the primary concerns for financial firms when exploring relocation."

While uncertainty around the type of exit deal the UK will agree with the EU continues, 30pc of London-based firms monitored by tracker have now committed to relocation activity.

This is up from 25pc in the last quarter.

"With only 30pc of London-based firms so far committing to any relocation of activity, there could be more opportunities for Ireland to pursue in the months ahead," Mr MacAllister added.

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