PostBrexit Ireland ramps up charm offensive as UK firms seek to relocate

PostBrexit Ireland ramps up charm offensive as UK firms seek to relocate Ireland ramps up post-Brexit charm offensive as UK firms seek to relocate Image Source: PixabayAmid continuing debates over Britain’s future relations with Europe, Ireland postBrexit continues to experience significant levels of interest from UK companies considering a move across the Irish Sea, authorities insist.While major UK insurers AIG, Lloyds, Standard Chartered have announced plans for Luxembourg, Brussels and Frankfurtâ€"with Hiscox to establish a new subsidiary in Luxembourgâ€"the head of Ireland’s Industrial Development Agency (IDA) remained confident of attracting significant Brexit-related investment.“I am absolutely confident that Ireland will win investment on foot of Brexit.”And a senior figure from the Central Bank told a Brexit seminar in New York this week that the financial regulator had received and expected to see a further “material increase in applications” from UK firms “for authorisation, or for extension of existing business”.Martin Shanahan, CEO of IDA Ireland, told the Irish Independent newspaper that he was “ absolutely confident” that UK financial services companies had significant post Brexit plans for Ireland.“We can‘t give a running commentary… on what companies are coming or not… companies will make announcements in their own time,” Mr Shanahan told the newspaper, while in London ahead of a Wednesday evening event to promote the attractiveness  of Ireland postBrexit.Reuters had reported earlier in the week that six of 13 major banks with bases in the UK were in favour of either opening new headquarters or moving most of their operations to Frankfurt, and that three would seek to expand in Dublin.According to RTÉ News on Tuesday, Gerry Cross, the Central Bank director of policy and riskâ€"who will join Mr Shanahan and senior Department of Finance official Ann Nolan at the London eventâ€"had earlier told a post-Brexit seminar in New York that “we have already seen a number of [applications for authorisation] either come through, or indications of intent”.Mr Cross told the New York seminar also that a dedicated Central Bank team would be established as a lead point of contact for applications of significant size and importance.However, Mr Cross also emphasised the importance of European authorities efforts to achieve consistency in Brexit-related authorisations across different jurisdictions, and to limit opportunity for regulatory arbitrage.Underscoring  this view, Mr Cross  emphasised that firms should not make relocation decisions solely on the basis of differing approaches to authorisation and supervision. He said that the special team being set up for the larger or more significant applications from UK firms was as part of the Central Bank’s “well-structured approach to authorisations”.