Tuesday 23 October 2018

Dublin 'to lag Frankfurt' in Brexit battle

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Donal O'Donovan

Donal O'Donovan

Dublin continues to trail Frankfurt as the destination most likely to claim the lion's share of the post-Brexit spoils, according to a survey of investment professionals.

A poll of the CFA institute's members, the organisation which hands down the coveted designation of Chartered Financial Analyst to those who pass a gruelling set of exams, shows 71pc regard Dublin as a main beneficiary of Brexit.

However, Frankfurt scores highest - with 85pc of respondents predicting the German city will land the greatest share of financial sector jobs following the UK's exit from the single market.

The latest survey comes as EU and UK politicians continue to hammer out a post-Brexit trade plan amid mounting concerns about the lack of progress on Irish border issues.

Despite the uncertainty surrounding the shape of the divorce agreement, financial institutions are gearing up to implement contingency plans that preserve so-called 'passporting' rights into the single market.

Last month, UK authorities softened their stance and pledged to maintain the existing framework for companies based in the EU for the duration of the 21-month transition period.

Brussels did not reciprocate and thousands of jobs are now expected to relocate to the eurozone.

Gary Baker, managing director, CFA Institute EMEA said few see Brexit as detrimental to Ireland, despite fears here about the impact.

"Just 8pc said that Dublin would be a loser from Brexit."

According to Mr Baker, CFA-designated professionals in the UK "were most likely to rate Dublin and Frankfurt as winners, while those in the EU were most likely to rate Frankfurt and Paris as winners".

Irish Independent

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