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Ireland's Central Bank denies turning away UK businesses

Published 02/12/2016

Cyril Roux, deputy governor of the Central Bank of Ireland
Cyril Roux, deputy governor of the Central Bank of Ireland

The Republic of Ireland’s Central Bank has not tried to turn any UK banks or firms off setting up in Ireland in the wake of the Brexit vote, its deputy head said yesterday.

Cyril Roux, the deputy governor of the Central Bank, insisted that the regulator had not discouraged investment banking or trading in Dublin, contrary to recent reports.

The statement contradicts claims that Irish authorities had discouraged UK companies from relocating in the Irish Republic after Brexit because of regulatory concerns about how they would be policed.

But Mr Roux was adamant this was not the case. “I want to be clear... we do not have such a position,” he said.

“We have not sought to dissuade any such entities from seeking authorisation, nor are we planning to do so.”

However, he reiterated that the Republic’s Central Bank  would only allow new businesses into Ireland that have a “substantive presence” in the country. Mr Roux said the bank was not concerned about the arrival of major firms, but that smaller financial institutions may attempt to use Ireland as a convenient base within Europe, while the companies retain their real operations in the UK.

“The flagship firms are not a problem,” he added. “They don’t expect to bring a big balance sheet here and have a handful of people.

“There are some other firms of a different nature who believe you can just come here and nail a brass plate and rent a room and keep on doing everything from the UK. We have to tell them it’s not going to happen.

“The Irish financial sector is set to grow, and quite possible to a significant extent.

“The bank is committed to meeting the challenge.”

Online Editors

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