Belfast Telegraph

IDA: Raft of finance firms to relocate to the Republic post-Brexit

By Staff Reporter

Financial services companies have chosen the Republic of Ireland as their post-Brexit location of choice, but they have yet to make public announcements, IDA chief Martin Shanahan has insisted.

Dublin has long been tipped as a potential contender for Brexit spoils from the City of London, but it has recently lost out to Luxembourg, Brussels and Frankfurt after big name insurers AIG, Lloyds and Standard Chartered revealed their future plans.

British insurer Hiscox yesterday announced it was establishing a new subsidiary in Luxembourg.

Ahead of an event in London promoting Ireland, Mr Shanahan said he remained "absolutely confident" that Ireland would secure significant Brexit-related investment.

And the head of Ireland's equivalent of Invest NI referred to the decision of Craigavon-based pharma giant Almac to set up a facility in Dundalk. "We can't give a running commentary what companies are coming or not. They will make announcements in their own time. I am absolutely confident that Ireland will win investment on foot of Brexit. We have seen companies announce already, Almac, in the pharmaceutical space, we will win investment in the financial services space, undoubtedly."

Belfast Telegraph

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