POSITIONING Brexit Expansion
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Links M O R E T H A N 1 0 0 F I N A N C I A L S E R V I C ES F I R M S H AV E ES TA B L I S H E D O R E X PA N D E D I N D U B L I N . K I E R A N D O N O G H U E , G LO B A L H E A D O F S T R AT EGY A N D F I N A N C I A L S E R V I C ES AT I R E L A N D ’ S I N WA R D I N V ES T M E N T AG E N C – I DA I R E L A N D – S AYS T H E R E A R E M Y R I A D R E A S O N S F O R T H I S , B U T W H AT H E H A S G L E A N E D I S T H AT P O S TB R E X I T, F I N A N C I A L F I R M S A R E E X EC U T I N G A M U LT I - LO C AT I O N A L S T R AT EGY N O W T H AT LO N D O N I S O U TS I D E T H E EU . H O W E V E R , I T R E M A I N S I M P O R TA N T T H AT LO N D O N V E RY M U C H S T I L L H A S A ‘ F R I E N D ’ I N EU R O P E .
Ireland, specifically Dublin, is well positioned in terms of attracting financial services businesses from the UK. Attractions include geographic and cultural proximity, language and law, financial regulation and supervision to EU and global standards, deep domain knowledge, close ties with the UK financial sector, the ‘liveability’ of Dublin itself, and its role as an established and diversified financial centre especially for investment funds, banking, insurance and financial technology. London will remain a major global financial centre, as Kieran explains. However, as time passes, and more emphasis is placed on establishing trade agreements with Asia and emerging markets, the UK will still need a friend in Europe. “Ireland has longstanding and close ties to the UK, going well beyond a common time zone, language and legal system,” he says. “With a diverse and experienced talent 8
pool, a common travel area with the UK, a voice in European policy and regulatory fora, plus a substantial financial services industry comprising the leading international banks, insurers, asset managers and fintechs, Ireland is well-placed to support UK-based firms as they prepare for a postBrexit world.” And in terms of what this looks like, the numbers speak for themselves. “We’ve been speaking to international financial services groups since 2016 and over the last five years or so, more than 100 financial services firms have either established in or substantially expanded their presence in Dublin,” Kieran says. “Clearly, their assessment of Brexit reinforced the importance of preserving access to the EU market, of maintaining relationships with existing clients while positioning for future opportunities and, therefore, they selected Dublin on this basis.”
“One of Ireland’s attractions is the presence of more than 300 foreign-owned financial institutions employing more than 40,000 people,” Kieran continues. “These firms operate in several sectors including banking and payments, insurance / reinsurance, funds and asset management, aircraft leasing and financial technology. They undertake a diverse range of front, middle and back office activities and have significantly expanded their presence in Ireland post-Brexit.” “A recent report entitled ‘Brexit & the City: The Impact So Far’ by New Financial has identified Dublin as the financial centre that has experienced the largest influx of financial services companies in
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