Sunday 17 December 2017

Central Bank deputy governor insists regulator is not discouraging investment banking or trading in Dublin

Central Bank deputy governor Cyril Roux Picture: Tom Burke
Central Bank deputy governor Cyril Roux Picture: Tom Burke

Sean Duffy

The Deputy Governor of the Central Bank, Cyril Roux, has insisted that the regulator has not discouraged investment banking or trading in Dublin, contrary to recent reports.

Last week reports emerged that Irish authorities were discouraging the relocation of some firms from the UK because of regulatory concerns about how they would be policed.

But Mr Roux was adamant that was not the case:

"I want to be clear...We do not have such a position. We have not sought to dissuade any such entities from seeking authorisation nor are we planning to do so".

However, he reiterated that the Bank will only allow businesses in Ireland that have a "substantive presence" in the country.

“The Irish financial sector is set to grow, and quite possible to a significant extent. The Bank is committed to meeting the challenge,” Mr Roux said, adding that the Bank was ready to hire further staff next year to cope with an increased workload.

He said that the Bank was not concerned about the arrival of major firms, but that smaller financial institutions may attempt to use Ireland as a convenient base within Europe while the company retains the majority of its operations in the UK.

“The flagship firms are not a problem. They don’t expect to bring a big balance sheet here and have a handful of people. There are some other firms of a different nature who believe you can just come here and nail a brass plate and rent a room and keep on doing everything from the UK…We have to tell them it’s not going to happen.”

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