Barclays has decided to settle on Dublin as its main hub inside the EU post-Brexit.
It is understood that the bank could add up to 150 staff in Ireland if finance companies in the UK lose easy access to the trading bloc.
According to Bloomberg sources, Barclays has already begun searching for a site in Dublin - and has been in touch with the Central Bank about expanding operations here.
Reports from the UK indicate that the UK bank is embarking on contingency plans in case Prime Minister Theresa May is unable to negotiate a transition period to preserve London firms' access to the EU while talks about the UK’s exit are ongoing.
“We have made clear repeatedly that we will plan for a range of Brexit contingencies, including building greater capacity into our existing operations in Dublin,” the bank said in a statement.
“Identifying available office space is a necessary and predictable part of that contingency planning process.”
Barclays is expected to update investors on its Brexit contingency planning alongside its full-year results on February 23.
Fine Gael Dublin Rathdown Senator and Government spokesman on EU Affairs in the Seanad, Neale Richmond, the reports, saying this must be just the beginning in terms of attracting jobs to Ireland in order to offset the overall negatives of Brexit.
“These 150 high end financial service roles must be viewed as just the beginning in our Brexit Fightback," she said.
"Through our infrastructure and regulatory environment, we must position Dublin, and Ireland generally, as a prime location for high value employment and as a European hub for those wishing to relocate from the UK."
More to follow...