EU Won't Punish U.K. for Brexit, Irish Finance Minister Says

  • EU has ‘no intent’ to damage Britain in Brexit talks
  • Ireland will draw ‘more than fair share’ of financial firms

Ireland's Donohoe Says EU Has No Intention to Punish U.K.

The European Union isn’t seeking to punish the U.K. in talks on the terms of its departure from the bloc, Ireland’s finance minister said.

The U.K. acknowledged for the first time in writing that it will have to pay money to the European Union when it withdraws from the bloc, seeking to damp down a row over the country’s so-called Brexit bill.

“There is no intent whatsoever within the European Union to be engaged in a process of punishing the United Kingdom,” Paschal Donohoe said in a Bloomberg Television interview. The EU respected the Brexit referendum result, he added. While the Brexit bill has been speculated as being as high as 100 billion euros ($114 billion), Donohoe said both sides will “engage in a process that will yield a figure at the end of it.”

Ireland will win “more than our fair share” of businesses shifting operations to EU countries from the U.K. on Brexit, Donohoe said. Barclays Plc confirmed it’s is in talks with Irish regulators to expand operations in Dublin as it activates plans to preserve access to European Union markets, as negotiations drag on with no financial-services deal in sight, and Donohoe said more would follow.

He also said there was no “imminent” plan to sell any more of the government’s banking stakes.

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