Belfast Telegraph

More firms to choose Dublin in hard Brexit

By Ronald Quinlan

The chief executive of property fund Hibernia Reit believes there could be a "second wave" of Brexit-related relocations to Dublin if it becomes apparent that the UK's efforts to negotiate an acceptable exit from the EU have failed.

Kevin Nowlan said he viewed the major Brexit relocations announced so far by JP Morgan, Bank of America, Merrill Lynch and Barclays Bank as "hedging to cover the bases if Brexit goes horribly wrong".

Referring to the moves that may follow should that happen, he said: "I think there could be a second wave of people coming if it becomes apparent that this is going to be a very hard Brexit.

"If they (UK-based companies) know that this is going to have a long-term impact, they will need to set up very big operations within the EU."

The Hibernia Reit chief said the possibility of such a second wave of post-Brexit relocations could account for the space now being taken up by fintech and tech companies in Dublin.

Belfast Telegraph

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