Thursday 26 April 2018

Ireland luring likes of Standard Chartered and RBS if Britain vote to leave EU - report

IDA boss Martin Shanahan. Photo: Mark Condren
IDA boss Martin Shanahan. Photo: Mark Condren
Michael Cogley

Michael Cogley

The Irish State is looking to attract UK-based banks like Standard Chartered and Royal Bank of Scotland here should Britain leave the EU, a new report has said.

According to Bloomberg, foreign investment agency IDA Ireland has already spoken to international lenders about relocating hundreds of traders and support staff to Ireland.

The report cites people familiar with the matter that did not wish to be identified.

The IDA is said to be encouraging the banks to consider towns like Shannon in Clare for its administrative workers due to low costs and large amounts of available office space.

In March, IDA chief executive Martin Shanahan said he had already discussed potential scenarios with finance firms if a Brexit vote carried through.

The news comes ahead of Britain's vote to stay in the EU on June 23. It is understood several lenders based in the UK are concerned about the fallout of a Brexit due to potential trade challenges to some of their products.

In January, finance company Credit Suisse opened a trading floor in Dublin, creating 100 jobs in the process.

The banks the IDA are speaking to would join a lengthy list of international companies which include Facebook, Google, LinkedIn, and Goldman Sachs.

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