Tuesday 16 July 2019

Central Bank dealing with influx of financial services firms


Dublin city centre (Stock picture)
Dublin city centre (Stock picture)
Kevin Doyle

Kevin Doyle

Applications have been processed from more than half the 100-plus financial-services companies that want to set up or extend operations in Ireland because of Brexit, the Central Bank has said.

The number of applications increased in the second half of 2018, according to a biannual report by the bank. They came from almost every sector, from investment to insurance to payment firms.

"Since the Brexit referendum, the Central Bank has seen an increase in the number of applications for authorisation from all sectors," Deputy Governor Ed Sibley said in a statement.

"Currently over half of the Brexit applications received have been fully processed and we expect that an additional significant number will be processed in full over the coming weeks."

Barclays, Bank of America, Standard Life Aberdeen and Legal & General Investment Management are among the companies who have chosen Dublin as a post-Brexit base, against competition from rival centres including Luxembourg, Frankfurt and Paris.

Irish Independent

Editor's Choice

Also in Irish News