Ireland Looking to Position Itself as Financial Services Leader as Brexit Lumbers Forward

Ireland Looking to Position Itself as Financial Services Leader as Brexit Lumbers Forward

The Supreme Court of the United Kingdom has ruled that Parliament will have a say before the government triggers the all important Article 50 clause the will allow it to officially leave the European Union. With the decision, Prime Minister Theresa May cannot invoke the article without the approval of the nation’s lawmakers.

But as the practicalities of Brexit shape out, Ireland is continuing to position itself to take on some of the regional financial sector weight that London could lose. It isn’t waiting for the official trigger to pounce on opportunities to rise its standing in industry.

Enda Kenny, the head of the Irish government, recently confirmed to a group of international bankers in Dublin, according to the Irish Times, that his country is seeking to become the new seat of the European Banking Authority, something the nation first announced last fall.

Brexit “offers opportunities to attract new opportunities to our shores,” said Enda Kenny. He added that “the government is fully committed to the development of the financial services sector in Europe.”

Speaking to major figures in the banking world, the prime minister, or taoisech, laid out the clear case of why Ireland is now the choice for their industry. “This country will remain an enthusiastic member of the European Union and single market,” he said.

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