Monday 26 February 2018

Barclays currently in talks with regulators to extend activities in Ireland post-Brexit

Photo: PA
Photo: PA
Louise Kelly

Louise Kelly

Barclays is currently in talks with regulators to extend its activities in Ireland post-Brexit, according to a statement from the bank today.

Barclays already has a licensed entity in Dublin, Barclays Bank Ireland, with around 100 people

"Barclays intends to utilise an existing licensed EU-based bank subsidiary to continue passported activity," the bank said.

"Barclays Bank Ireland, which has a banking licence and which we have operated for almost 40 years, provides a natural base and we are engaging with our regulators in discussions to extend its activities," it added.

Martin Shanahan, CEO of IDA Ireland said that the announcement by Barclays "is a further endorsement of Ireland’s strong offering to the International Financial Services Sector".

"Ireland's access to the EU's markets and regulatory systems has become increasingly important for Ireland post-Brexit. Companies based in the UK want to retain a foothold in the EU, and Ireland is the perfect location from which to do this."

"In a time of international political change across the world, businesses like Barclays are looking for certainty - Ireland provides a consistent, certain, pro-enterprise policy environment for businesses to thrive."

Barclays has had a strong presence in Ireland since 1978.

Minister for Enterprise and Innovation, Tanaiste Frances Fitzgerald also welcomed the announcement.

"Barclays decision to expand here, highlights once again the attractiveness of locating in Ireland, particularly for companies in the International Financial Services Sector."

Minister of State at the Department of Finance, Michael D’Arcy TD agreed: "Ireland has made great progress in becoming a strong hub for international financial services business as this announcement by Barclays further demonstrates."

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