Tuesday 15 October 2019

Dublin tops list in financial Brexodus

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Ellie Donnelly

Ellie Donnelly

Dublin remains the most popular choice for financial service companies looking to relocate post-Brexit, according to EY.

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

EY said assets worth nearly €877m are being transferred from the UK to other EU countries ahead of Brexit in a bid to protect their clients and investors from the impact of any Brexit outcome.

The latest relocation figures for Dublin are up from 21 in the last quarterly Brexit Tracker from EY.

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

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

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

Two more companies confirmed plans to relocate to Frankfurt and Luxembourg, with the numbers rising to 17 and 16 respectively.

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.

Irish Independent

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