First News
Volume:7, Number:26
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Business & Finance 4
THIS WEEK

Dozens of UK Banks and Financial Firms Looking at Moving to Ireland

Banks and financial institutions make up the overwhelming majority of more than 100 companies inquiring about relocating to Ireland after Brexit, the head of the agency tasked with bringing foreign investment into the republic has confirmed. Martin Shanahan, the chief executive of the Industrial Development Agency (IDA) in Ireland, said many of the corporations looking to move were based in the City of London. Shanahan said that while Ireland would try to make capital out of the UK voting to leave the EU, Brexit was not the outcome he or anyone else in Ireland favored. The IDA has a target to create extra 80,000 jobs in the country by 2019, many of them from new US firms setting up their European base in Ireland. Ireland’s low 12.5 percent corporation tax remained sacrosanct as one of the Irish Republic’s key fiscal policies. Ireland will be the only English speaking country left in the EU after Brexit, giving Shanahan and his IDA colleagues extra impetus in their attempts to woo companies, some of which are based in the UK.

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