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EY research finds 27 financial services companies have committed to Ireland

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Research carried out by Ernst & Young Accountants (EY) found that 27 financial services companies have committed to relocating operations to Dublin since the UK announced its plans to leave the EU in 2016. Among these companies are; Morgan Stanley, Barclays, Citi, Bank of America, Legal & General, Axa XL, Hermes Investment Management, and Coinbase.

An estimated € 900 billion in assets are expected to move from London to EU member states, according to EY’s financial services Brexit lead Cormac Kelly. Ireland is expected to receive “hundreds of billions of euro” from the move.

According to IDA Ireland, Brexit has had a part to play in more than 55 new investment projects in Ireland. With regards to financial services companies, EY research found that:

  • 27 companies chose to relocate to Dublin (Ireland)
  • 17 companies chose to relocate to Frankfurt (Germany)
  • 16 companies chose to relocate to Luxembourg
  • 15 companies chose to relocate to Paris (France)

There are a number of reasons why these companies have chosen Ireland as a destination. It has been well documented that financial firms located in the UK are going to lose their passporting rights, which allow them to trade in the EU. However, they could have regained their passporting rights by relocating to any other EU state.

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So why did they choose to relocate to Ireland?

Language
Ireland is going to be the last English-speaking country in the EU post Brexit. This makes it a very attractive option for the native English speakers of the UK.

Law
Irish law is based on English law.

Tax
Ireland has a low corporate tax rate of 12.5%

Ireland is Pro-EU
Ireland is committed to staying in the EU.
Ireland will remain a core member of the EU single market & Euro currency.
Ireland is most positive about the EU. 86% in favour of the free movement of EU citizens to live, work, study, do business in the EU (EU average 81%).

Education
Ireland has one of the most educated workforces in the world.
52% of 25-34 year olds in Ireland have a third level qualification, the OECD average of 43%.

Economy
Ireland’s economy has shown consistent growth.
Ireland received an “A” grade from all of the major credit rating agencies.

There are high levels of investor confidence in the Irish Economy:

  • Sovereign debt ratings upgraded
  • Irish bond yields are trading below 1% and in line with core European sovereign yields

Additional capital expenditure to 2021 will see capital public investment in Ireland move to among the highest in the EU.

With the majority of larger firms currently executing their Brexit plans and deciding to relocate, it appears that more SMEs are making the same decision.

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