Over a dozen financial giants are Dublin-bound, says IDA

The search for post-Brexit homes is starting to pay off for the capital...

The Industrial Development Authority (IDA) has confirmed that more than a dozen London-based financial houses and banks will transfer their EU activity to Dublin.

The agency's head of international financial services Kieran Donoghue revealed that each company in question was generally looking for office space that would accommodate between 10 and 50 staff, the Guardian reports. One firm is considering moving 1,000 staff to the Irish capital.

A number of deals could be finalised as early as this summer, with one already struck with an American bank.

The Bank of England has stated that mobile firms must provide information on their post-Brexit plans by July 14th.

According to the Irish Independent, banks and financial services are required to be "day one ready" for Brexit by the end of March 2019.

Donoghue said:

“A number of these groups have privately decided they have selected Dublin but won’t announce until they conclude discussions with the regulatory regimes in Britain, Ireland, the European Central Bank and regulatory authorities in the US. Given the scale of these groups, this is very sensitive.”

Of Brexit, he stated:

“This is a sensitive event for the financial services, they don’t really want to leave decades of infrastructure in London, for them to leave is a disruption to business and a cost.

“We do not think that London is going to disappear, but the industry will move to a more decentralised model.

“Essentially there are going to be three of four centres in Europe that are going to grow in size, but not to the point that London becomes irrelevant.”