London's financial groups getting serious about Dublin move

Eoghan Murphy has been busy hearing from across the Irish Sea since the Brexit decision...

Minister of State for Financial Services, Eoghan Murphy has revealed that the Irish Government has had over 35 concrete inquiries from London-based financial groups contemplating a move to Ireland following the UK's vote to leave the EU.

The Irish Times reports Murphy as saying:

"Post-Brexit, it's meant a lot more meetings, more phone calls and a lot more travel. I'm in daily contact with different players in the industry."

The State is attempting to attract companies with the offer of a contracting entity, which would legally entitle these groups to retain access to the European market.

Competition for British business is coming from Frankfurt and Paris in particular, while fund management and insurance groups have admitted Dublin is an appealing option.

Insurers Admiral and Beazley have both acknowledged that they are considering a move, with the funds arm of insurer Prudential aiming to expand its existing Dublin operations.

Last week, Bats Europe told Reuters that it was considering setting up a headquarters outside of London, with Dublin being a frontrunner.

Chief Executive Mark Hemsley said Bats, which is Europe's biggest stock exchange with 24% of daily trading, was "looking at the underlying legal framework of a country and Ireland is quite attractive because it's the most similar to the UK structure."

"We look at local tax environments, labour laws, availability of personnel," he continued. "We are open minded, but Dublin is attractive on a number of those levels."