Dublin short-listed as new EU financial hub post-Brexit 3 years ago

Dublin short-listed as new EU financial hub post-Brexit

As the shadow of Brexit looms larger day by day, businesses are well underway in taking the necessary next steps.

While the full details of what can be expected by and for companies once the UK breaks away from the EU, Dublin is now being considered as a new financial hub for Europe once the Brexit dust settles.

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Both The Bank Of England and the European Central Bank have told businesses currently situated within the EU that they have until 14 July to set out what their strategies are once the UK have officially left the European Union in late March 2019.

To that end, a mass exodus of companies currently using London as their HQ is expected, and Dublin is high up on the list for prospective new locations.

The Irish Times is reporting than the world's largest investment management company has the Irish capital short-listed as their new home.

BlackRock, which manages over €4.75 trillion (with a T!) of assets, has Dublin alongside Paris, Frankfurt and Amsterdam as the city they will most likely re-locate to.

A spokesperson for the company announced: "BlackRock has not made any decisions yet as we wait until more information becomes available about what the UK’s exit from the EU will eventually look like."

Similarly, The Independent reported that Dublin is one of just a few cities which made experience a positive fall-out of the "de-clustering" of the London financial centre.

Multi-trillion euro companies such as Citigroup, Goldman Sachs and Morgan Stanley have their headquarters in London, but are expected to make their move really soon, and again, Dublin is alongside Paris, Amsterdam and Berlin as hopeful alternatives.

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With numerous massive businesses on the horizon, this would, of course, bring hundreds of new jobs to the city, both directly within those businesses, and indirectly, with the demand those businesses would have on the surrounding areas of their new HQs.