Significant interest from UK firms looking to relocate to Ireland - Central Bank

The Central Bank is seeing significant levels of interest from UK firms considering relocating to Ireland as a result of Brexit, according to the regulator’s Director of Policy & Risk Gerry Cross.

Speaking at a Brexit seminar in New York, Mr Cross said the Central Bank’s well-structured approach to authorisations means that for applications of significant size or importance, a dedicated team will be established with a lead point of contact.

Mr Cross also welcomed the work being carried out by European authorities to achieve a consistent approach to Brexit-related authorisations in different jurisdictions and to limit the opportunity for regulatory arbitrage.

He said this means firms should make their location decisions on the basis of reasons other than differing approaches to authorisation and supervision.

The regulator’s Director of Policy & Risk said he also expects to see "a material increase in applications for authorisation or for extension of existing business.

"We have already seen a number of these either come through or indications of intent."

From rte.ie (9/5/2017)