Financial Services Ireland, the Ibec group that represents the sector, said today that securing an intelligent forward looking settlement with the UK, with high quality regulation and staying competitive on tax will be crucial to winning the battle for Brexit jobs.
Speaking at at the Financial Services Ireland annual lunch, sponsored by KPMG, the Head of Global Client Management, EMEA and Country Executive, Ireland, BNY Mellon and FSI Chair Joe Duffy, said: "Ireland needs to ensure its interests are preserved in any Brexit deal. FSI is pushing for an intelligent and forward looking settlement with the UK that works for Irish businesses, savers and investors. This means a sensible transition arrangement for financial service firms doing business between Ireland and the UK but also ensuring that activities currently in London are not lost entirely to Europe”.
FSI Director Marc Coleman said immediate action was needed to grasp a once off opportunity to bring financial service jobs, potentially in their thousands, to Ireland. “Brexit is an added reason to do things that need doing anyway for our own people – extending our tax competitiveness , investing in infrastructure to stimulate regional growth and housing supply, and ensuring the highest possible quality of regulation.”
Mr Coleman welcomed recent successes in attracting high profile companies here but said there were no grounds for complacency “We need to know what is driving firms to locate where they do. It is important that a level playing field is observed across the EU, and in that respect, we welcome the work of the European Supervisory Authorities to co-ordinate approaches to Brexit-related opportunities."