Central Bank Commission:No bank applications as Brexit effect is 'limited'

PBP voter

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No bank applications as Brexit effect is 'limited' - Independent.ie

*No applications from banks in the first half of the year to set up operations here.
* Despite increased political uncertainty in the UK, financial markets have not be adversely affected


So as per usual the media have over-estimated the impact Brexit will have. What a surprise.
 


Catalpast

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A load of scaremongering!

Britain will be financially better off outside the EU

- and that sticks in a lot of people's throats

None more so than here

- as we fawningly swallow everything the EU tells us to do....:roll:
 

Sister Mercedes

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Bank of America and JP Morgan are already here but going to expand. So there's no application to be doing.

Some other banks are setting up in Frankfurt. They feel the smaller central banks don't have the competence to regulate complex financial instruments.
 
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No bank applications as Brexit effect is 'limited' - Independent.ie

*No applications from banks in the first half of the year to set up operations here.
* Despite increased political uncertainty in the UK, financial markets have not be adversely affected


So as per usual the media have over-estimated the impact Brexit will have. What a surprise.
You don't apply for a licence without extensive preparation beforehand. It takes about two years at least to prepare the ground. You don't just order a brass plate and send in a form along with a postal order for ten shillings.

Very deep audits are performed on your business offering and operational model in order to satisfy local and other regulatory demands. This takes years. That no applications have yet been received signifies nothing.
 

The_SR

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Most of the movement will be banks with operations here already. And that will be significant. There are very few banks without a Dublin presence already.
 

brughahaha

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Bank of America and JP Morgan are already here but going to expand. So there's no application to be doing.

Some other banks are setting up in Frankfurt. They feel the smaller central banks don't have the competence to regulate complex financial instruments.
Theyre setting up back offices , low to mid range stuff .....very little sign of any senior management has moved out of London ...yet
 

brughahaha

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You don't apply for a licence without extensive preparation beforehand. It takes about two years at least to prepare the ground. You don't just order a brass plate and send in a form along with a postal order for ten shillings.

Very deep audits are performed on your business offering and operational model in order to satisfy local and other regulatory demands. This takes years. That no applications have yet been received signifies nothing.
yeah ...you also dont do it without talking to the central banking authority way before hand ..... so if he says its limited , he'd know ...
 

HarshBuzz

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Most of the movement will be banks with operations here already. And that will be significant. There are very few banks without a Dublin presence already.
This, exactly. Every significant investment bank or imvestment firm has a presence here already - Citi, Deutsche, SLI, StateStreet, BNP, BAM, JPM etc...
 

Man or Mouse

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Bank of America and JP Morgan are already here but going to expand. So there's no application to be doing.

Some other banks are setting up in Frankfurt. They feel the smaller central banks don't have the competence to regulate complex financial instruments.
They're probably right too. We didn't do a great job on AIB and the rest. So, we're probably lucky they're heading for Frankfurt too.
 

Hillmanhunter1

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yeah ...you also dont do it without talking to the central banking authority way before hand ..... so if he says its limited , he'd know ...
He's not going to report informal approaches. To do so distorts the system.
 

Voluntary

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Majority of headquarters are moving to Frankfurt. Thousands of back office jobs are going to Poland. Ireland will get it's piece of cake too, but I think global investment banks see benefits of being concentrated around one place and Frankfurt seems to be a winner in this game.
 

HarshBuzz

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Majority of headquarters are moving to Frankfurt. Thousands of back office jobs are going to Poland. Ireland will get it's piece of cake too, but I think global investment banks see benefits of being concentrated around one place and Frankfurt seems to be a winner in this game.
Yes, absolutely. Frankfurt seems to be the big winner but Ireland is adding plenty of roles too - albeit of the back office type.

The OP is a pretty lame attempt. Can the OP come up with any large financial institution that doesn't already have an Irish presence? i.e. one that would trigger a licence application.
 

brughahaha

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He's not going to report informal approaches. To do so distorts the system.
Youre seriously claiming the process takes 2 years until you formally notify the relevant regulating authority ....jesus but you're full of crap

And if the talks were "informal" he doesn't have to name the people involved .:roll:...but what he wouldnt do is blatantly lie in a newspaper article
 

brughahaha

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Majority of headquarters are moving to Frankfurt. Thousands of back office jobs are going to Poland. Ireland will get it's piece of cake too, but I think global investment banks see benefits of being concentrated around one place and Frankfurt seems to be a winner in this game.
Name 1
 

Voluntary

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Lloyd’s of London
Nomura
Goldman Sachs
Citigroup
Credit Suisse
UBS
Deutsche Bank
Morgan Stanley
HSBC (moving jobs to Paris?)

Just to list few.
Already in January over 20 banks admitted to be in serious talks over jobs relocation
 
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Lloyd’s of London
Nomura
Goldman Sachs
Citigroup
Credit Suisse
UBS
Deutsche Bank
Morgan Stanley
HSBC (moving jobs to Paris?)

Just to list few.
Already in January over 20 banks admitted to be in serious talks over jobs relocation
These are not HQs.
 

Sister Mercedes

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Dublin could never be another London. But it could be another Zurich or Singapore. That would require various local vested interests to loosen their grip and that's not likely to happen anytime soon.
 
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Youre seriously claiming the process takes 2 years until you formally notify the relevant regulating authority ....jesus but you're full of crap

And if the talks were "informal" he doesn't have to name the people involved .:roll:...but what he wouldnt do is blatantly lie in a newspaper article
Yup. To obtain a licence takes some years. It' part of my business. There is an enormous amount of compliance hurdles to clear before being allowed to operate. I know of one bank which has a system which cannot be moved because the local regulators are not satisfied with the standards on the continent.
 


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