The Irish Independent has today reported that the Central Bank has begun laying the groundwork to accommodate a significant number of London-based financial services firms looking to move operations to Dublin in the wake of Brexit.
London's financial firms are waiting to discover whether the UK can hold on to the passporting rights that allow them to trade freely across the EU. Last week, the Industrial Development Agency (IDA) said more than 100 companies, many based in the City, had inquired about relocating to the country after Brexit.
According to the report, the Central Bank is bolstering staff numbers in its insurance supervision directorate by more than a quarter as it looks to welcome insurers from London.
However, the bank has moved to deny reports that Ireland was discouraging firms wanting to move investment banking or trading operations to Dublin because of regulatory concerns.
Furthermore, the Central Bank has moved to quash speculation that there was tension between it and the Government over firms planning to relocate to Dublin post-Brexit.
The Central Bank's Director of Policy and Risk, Gerry Cross said IT was poised to help businesses "think constructively" about relocation and would take a practical approach as firms look to get their business models approved and their companies authorised.
Mr Cross said the bank had seen "inquiries and interest" from a significant number of firms.
Source: www.businessworld.ie
