Financial firms look to Ireland as post-Brexit option, Noonan says

Finance Minister Michael Noonan speaks at event in Singapore for St Patrick’s Day

Michael Noonan, Minister for Finance

Michael Noonan, Minister for Finance

 

More than 120 overseas banks, insurers and other financial companies are currently in talks to move operations to Ireland as a result of the UK’s decision to quit the European Union, according to Minister for Finance Michael Noonan.

Mr Noonan made the comments on Friday at an event in Singapore, where he is visiting for St Patrick’s Day, and where he said the country’s economy is growing at a sustainable pace of 3.5 per cent.

Complaint

The comments come within days of Minister of State for Financial Services, Eoghan Murphy voicing conerns about Ireland being undercut by rival EU countries as they seek to woo UK-based financial firms in the wake of Brexit.

US insurer AIG and private equity giant Blackstone have each chosen Luxembourg as their new EU base in recent weeks, while investment firm M&G has elected to set up a fund management company in the grand duchy.

However, Barclays has chosen Ireland as its post-Brexit EU hub, while Citigroup, Bank of America Merrill Lynch, JP Morgan and Credit Suisse are all expected to add to their existing operations in Dublin. US investment giant Legg Mason is preparing to set up a fund management company in Dublin.

While Japanese investment bank Daiwa and US rival Morgan Stanley are weighing Dublin against Frankfurt as their future EU headquarters, it is understood that each is veering towards the German city.