Ireland reports rise in relocation inquiries from UK-based finance firms

Ireland’s central bank has reported a substantial increase in the number of inquiries from UK-based financial services companies to operate from Dublin in the wake of the Brexit referendum.

Applications for an Irish base can take up to a year and deputy governor Cyril Roux said on Thursday that several overtures had moved from preliminary inquiries to the pre-application or application phase.

“Since the UK referendum, there has been a material increase in the number of authorisation queries from UK-authorised entities,” he said.

Dublin is vying with other European cities, including Frankfurt and Paris, to lure banks and other London-based service companies concerned about the potential loss of financial passporting – the ability to operate across the continent – when the UK withdraws from Europe.

“We see the whole gamut of firms inquiring for establishing or growing in Ireland, it is Mifid (markets in financial instruments directive) firms, insurance companies, CSDs (central securities depositories), payments institutions.”

However he reiterated previous warnings by the central bank that financial services must have a substantive presence in Ireland and those seeking brass plate operations, without transferring substantial numbers of employees or operations, would not be licensed.