It has been reported that some of the world's largest firms will not be welcome here...
One of the few economic silver-linings for the Irish economy following the UK's decision to leave the European Union is the possibility of major financial firms moving across the Irish Sea - however some of the world's largest investment banks are likely to have a hard time getting regulatory clearance to come to Ireland.
Reuters reports that officials at the Central Bank will be unlikely to give approval to global investment banks as they could pose an economic threat and it does not have the resources and expertise to regulate some forms of potentially dangerous trading.
According to the news agency, Ireland will be "reluctant" to welcome large-scale investment banking firms who are looking for a new European base.
Central Bank Governor Philip Lane / PA
"Our sense is that the appetite in Ireland is not that high for balance sheet banks," its source said.
Another of its sources said that Ireland lacks specialised supervisors to monitor some forms of potentially risky trading.
In a statement to Newstalk.com, a Central Bank spokesperson said it "is open to engagement with any firm wishing to obtain an authorisation. In assessing any application we are guided as always by our mandate to safeguard stability and protect consumers."
Firms could be on the move as the UK leaves the EU / PA
In response to a specific question about staff limitations to deal with certain institutions, Newstlak was directed to a recent address by Governor Philip Lane, when he said:
"In relation to unique and complex applications, the authorisation process is inevitably more layered than routine cases, requiring a substantial commitment of resources and the assembly of dedicated project teams with the requisite technical skills and internal governance processes.
"To deliver an efficient and robust regulatory regime, the Bank has expanded its target staffing levels in recent years, subject to the capacity to recruit and retain those with the required skills and experience," Mr Lane continued.
He also highlighted the importance of Irish regulators possessing a "credible threat of enforcement" to uphold financial rules.
Dr Stephen Kinsella, senior lecturer in Economics at the University of Limerick says that while the Central Bank is hiring to improve the scope of its supervision capabilities, he is "sceptical" regarding Ireland's ability to regulate major investment banks who are looking for a new base for their European operations.
"We need to be maximally cautious," he told Newstalk.
He believes that if a financial institution carries risks, it is crucial that we "understand the nature of that risk" - adding that given the limitations of the Central Bank's resources Ireland faces limitations regarding the risks that it can introduce into its financial system.
Despite post-crash bail out/in rule changes - allowing these firms into Ireland could result with the burden falling on the State if investment banks with large balance sheets face serious financial difficulties.
Given Ireland's recent history, Dr Kinsella says the Central Bank is "well aware" of these risks.
"Ireland is being very realistic about what it can and what it wants to do," a source from a large global investment bank told Reuters.
"If you've come from all the troubles Ireland has, you want to be very careful about taking on risks," the official added.