Barclays is in talks with Irish regulators about expanding its presence in Dublin in the run up to Brexit. It is the latest financial company to indicate how it is repositioning to cope with the UK's exit from the EU.
Barclays said Ireland provided a natural base for the bank as it has operated there for 40 years already. In the absence of certainty around... an agreement, we intend to take necessary steps to preserve ongoing market access for our customers.
Financial firms have been drawing up contingency plans for how they will continue to access the European single market when the UK leaves the trading bloc. Companies in other sectors have also been making plans. Earlier on Friday, UK airline EasyJet said it was planning to set up a subsidiary in Austria. The airline must have an air operator certificate in an EU member country to allow it to continue flying between member states after Brexit.
Barclays currently employs about 100 staff in Dublin and the bank said it was talking to regulators over extending its license there.
Ireland's Government Enterprise and Innovation Minister Frances Fitzgerald said Barclays' decision to expand its presence in Dublin was a strong vote of confidence in Ireland's growing importance as a gateway into the single market.
Dublin appears to be well-placed in the race to pick up business from financial firms as they plan their post-Brexit strategies.
If financial firms based in the UK lose access to the European single market, they will need a subsidiary in another country within the EU to continue offering services across Europe.
Insurer Legal & General said in May that it planned to relocate parts of its business to the Irish capital. Standard Life is also thought to be likely to choose Dublin. US bank JP Morgan is buying a Dublin office with space for 1,000 staff and its chief executive has also held a meeting with the Irish prime minister.
Japan's Daiwa Securities, Sumitomo Mitsui and Nomura Holdings will set up subsidiaries in Frankfurt. Goldman Sachs and Standard Chartered are both also reported to be planning Frankfurt moves. Deutsche Bank has said it could move up to 4,000 jobs to Frankfurt and other EU locations.
French banks such as Credit Agricole are more likely to move business to France, and HSBC has indicated it may also move staff to Paris.
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Misleading Headline MercoPress. Banks are not moving out of London - none are. All they are doing is increasing business range in an exiting major EU branch so they can carry on full normal money transfer business in/out of Sterling/Euro area depending on whatever final Brexit looks like.Jul 15th, 2017 - 12:30 pm +3
All agree that in the end if Brussels tries to force all Euro exchange into EU area it will actually cost EU more and be less efficient - not cost the UK more!
Same as EasyJet - they are just making sure they are registered both sides of the Channel - others will logically follow suit.
Trollboy, France and Germany created the EU - as THEY wanted it - and generally agreed on its direction. They didn't need exceptions because the laws they objected to simply did not get passed. If the UK had its way, no country would be using the Euro, and you can't deny that many of them would be better off as a result. And by the way, Denmark does have an opt-out from joining the Euro, while all the other countries are just using a loophole not to join.Jul 16th, 2017 - 08:19 am +3
Britain did sometimes get what it wanted, for example on EU expansion where the UK pushed to allow Eastern European countries to join, but most often not. The biggest source of tension was that France and Germany wanted 'ever closer union' and Britain thought that what we had was already too much. But in a group of three the two who agree will usually get their way.
Anyway, now Britain is leaving it is finally true to say that France and Germany rule the EU, which may not be to the benefit of the smaller countries.
Are you off your trolley, the UK existed and prospered before joining the Common Market that's what the the UK voted for.They did not vote on a Europe ruled by France and Germany.Jul 15th, 2017 - 08:53 pm +2