The New York Stock Exchange (NYSE) could relocate from Wall Street within the next five years as it follows the exodus of businesses and financial firms from lower Manhattan, The Irish Times international business editor Mr Conor O'Clery said yesterday. Addressing the Dublin Chamber of Commerce (DCC) on the United States and global economies in the aftermath of September 11th, Mr O'Clery said the NYSE had threatened to move to Jersey three years ago. A promise by the city fathers to provide a new exchange floor persuaded the NYSE to stay. Many firms have already begun to relocate to New Jersey and Midtown Manhattan because of the availability of office space there. Additionally, many of the businesses which had occupied the World Trade Centre had vowed not to return to the area, he said. The attack on the centre had accelerated a move out of the financial district by the big equity and investment companies.

It had now been accepted that the US was in recession and no economist was predicting growth before the middle of next year, Mr O'Clery said. This, combined with a fear of flying among US citizens, meant there was no possibility of Ireland attracting one million US tourists next year. Citing figures from Enterprise Ireland, he said Ireland's investment in the US and the number of people employed by Irish companies in the US was now almost equal to what the US had invested in Ireland and the number of people employed by US firms here.