Brexit & Asia: Implications for Financial Services
On 23 January 2017, FSI in association with Asia Matter and the Nikkei Asian Review held a successful seminar which looked at Brexit & Asia: Implications for Financial Services in Ireland.
The event looked at how Asia has over one half of the world's population but still less than one tenth of Ireland's trade. Three FSI member companies shared their insights on who Ireland can look to attract Asian financial services firms to establish a base here in Ireland but also how indigenous Irish firm should explore the opportunities to grow their business in Asia. Ibec CEO Danny McCoy commented that "Ireland already leads the world in aviation leasing and financing as shown by the success of job creation in that sector. With the right business policies we can multiply that success by attracting financial service companies from Asia to Ireland in the wake of Brexit, thereby creating the jobs needed to offset potential job losses elsewhere in the economy."
Gerry Cross, Director, Policy & Risk, Central Bank of Ireland noted on the night that that the Central Bank of Ireland may fast track bids by financial firms from the UK moving to Ireland. In a survey of FSI’s CEOs in October 2016, a key recommendation was for a special approvals process from interested UK companies. Marc Coleman, Director of Financial Services commented at the time that: “It is great to see this positive, practical and timely move. This builds on what the Central Bank’s stated aim about thinking constructively with firms who may relocate from the UK to Ireland, reacting to the post-Brexit environment”.
(L to R) Laura Noonan - The Financial Times, Alan Dukes - Asia Matters, Susan Dargan - State Street, ? , ? , Martin Murray - Asia Matters and Marc Coleman - FSA
(L to R) Tilmann Gerhards - DZ Bank, Laura Noonan - Financial Times and Gary Palmers - Irish Debt Securities
(L to R) Martin Murray - Asia Matters, Susan Dargan - State Street and Marc Coleman - FSI
(L to R): Marc Coleman -, FSI. Susan Dargan - Statestreet, ? and Martin Murray - Asia Matters