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US banks in UK plan move here

SOME of the major US banks are understood to be drawing up preliminary plans to move certain operations from London to Ireland amid concerns about the widening divide between the UK and Europe and Britain's possible exit from the EU.

The Financial Times has said Bank of America, Citigroup and Morgan Stanley are considering Ireland as a favourable location if they needed to shift operations.

Plans are said to be at an early stage, but attention is being focused amid deepening plans for a banking union if Britain exits the EU following a promised referendum from prime minister David Cameron (left).

Ireland could prove to be an obvious alternative location given that it has direct access to the euro zone and is English-speaking.