Irish Said to Eye Regulators From U.K. as Brexit Influx LoomsBy
Dublin aims to win business from banks seeking to exit London
Irish central bank seeking risk analysts, enforcement lawyers
Irish authorities are seeking to hire experienced U.K. regulators before an anticipated influx of financial-services companies following Britain’s decision to exit the European Union, according to a person familiar with the matter.
Irish regulators and officials are tapping business and personal networks to identify potential hires who have Irish connections or may be open to moving to Dublin, said a second person, who didn’t want to be identified as the plans are not yet public. Among other roles, the nation’s central bank is seeking a banking risk analyst and enforcement lawyers.
Authorities are said to be keen on recruiting current and former staff at the Financial Conduct Authority, according to the person. Regulators may also seek staff from the U.K.’s Prudential Regulation Authority.
Dublin is one of the capitals fighting to attract banks that may move units from London after Brexit to retain the passporting rights which allow them to do business throughout the EU. While the regulatory frameworks in Ireland and the U.K. are broadly similar, Irish officials want to ensure they have enough expertise to cope with an influx of investment banks asking permission to set up shop. The central bank declined to comment.
IDA Ireland, the foreign investment agency, has already pitched to U.K. and international lenders including Standard Chartered Plc about relocating hundreds of traders and support staff in the event of a Brexit. A U.K. exit from the EU could push about 6 billion euros ($6.7 billion) of investment into Ireland, the nation’s debt office has estimated, adding Dublin would be an “obvious” choice for financial companies.