DUBLIN IS fast becoming the go-to destination for financial firms eager to retain access to the single market once the UK leaves the European Union.
That’s according to a report from EY which shows the Irish capital is the most popular destination for financial firms eager to retain European Union hubs after Brexit.
According to the figures published by the financial services company, as many as 28 finance firms have relocated staff and operations to Dublin in the time since the EU referendum result was confirmed back in June 2016.
Frankfurt is ranked a close second, with 21 companies moving to the German city, with Luxembourg (19) and Paris (18) not far behind.
An EY analysus valued the assets potentially being moved away from the UK at anywhere up to €1.1 trillion in total.
This represents a notable rise on the €936 billion predicted back in November 2018 and could rise even further in the coming weeks.
The EY Brexit Tracker also reveale dhow many Globally Systemically Important Banks (G-SIBs) have moved operations away from the UK since the referendum.
These banks are considered highly important, with any potential failure holding the power to trigger a wider financial crisis that could negatively impact the global economy.
Dublin ranked as the the third most popular location for these G-SIBs, with six moving to the Irish capital. Frankfurt attaracted 12, followed by Paris with 8.
“It comes as no surprise that the ongoing political uncertainty surrounding Brexit is continuing to drive organisations to relocate business, people and balance sheet out of London to European centres, specifically Dublin,” Cormac Kelly, financial services Brexit lead for EY in Ireland, said.
“We are seeing this first-hand with the arrival of these firms who are taking new office space.
“Whatever the political outcome, it is clear that Ireland is becoming a leading hub for financial services in Europe.”