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Banks may face wait for Republic licence

By Colm Kelpie

International banks looking to locate operations in the Republic in the wake of Brexit could end up waiting for at least a year to get a licence, Irish Finance Minister Michael Noonan has suggested.

Dublin has been tipped as a possible contender to attract financial services jobs displaced as a result of the Brexit vote.

The Central Bank, which has responsibility for issuing licences to firms establishing in the Republic, said it was ready to engage with new business looking to shift operations to Ireland.

In response to a Dail question, Mr Noonan said the process of assessing a company may take "many months of engagement, discussion and back and forth on key issues before the application is completed".

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