More financial firms moving to Dublin over Brexit, Ireland says

Several more financial services firms have committed to shifting operations to Dublin as a result of Brexit but are not ready to make the move public, a senior official at the Irish agency competing to win foreign business said on Tuesday.

Dublin has been vying with Frankfurt and other European Union centres in the battle to draw banking jobs from London due to Britain’s planned departure from the bloc in March 2019.

Barclays and Bank of America have recently said they will set up EU headquarters in the Irish capital.

JPMorgan has also bought a building in the city, where it expects to move more middle and back office jobs – such as risk management and deal processing – while asset managers and insurance firms have also chosen Ireland.

“Several groups have privately advised us that they have selected Dublin and completed their due diligence but do not wish to make a public announcement at this point in time,” Kieran Donoghue, who heads up international financial services at IDA Ireland, told a conference in Dublin.

“For many groups the politics around Brexit are still a very sensitive matter and managing a formal announcement of their intentions is still under consideration at board level.”

Donoghue added that other sectors that initially adopted a “wait and see approach” to Brexit were now speaking to IDA Ireland and considering neighbouring Ireland as a destination for investment. He did not give any further details.
Source: Reuters (Reporting by Padraic Halpin; Editing by Mark Potter)