Minister warns of 'dangerous competition' in EU to attract firms fleeing UK after Brexit

Minister for Financial Services, eGov and Procurement, Eoghan Murphy has warned against a lowering of financial regulatory standards across EU financial hubs as they compete to attract companies fleeing London as the UK leaves that EU.

"Other cities in Europe are being very aggressive in trying to win business," Eoghan Murphy told Reuters.

He added that this could turn into "dangerous competition."

Ireland's Central Bank has said in the past that it will not allow high-risk investment banks to move to Ireland if it feels that it does not have the resources to offer sufficient regulation.

Email Updates

Receive our lunchtime briefing straight to your inbox

Related Articles

Growing Brexit security row a misunderstanding, says British minister

Stephen Cadogan: Brexit latest fresh milk threat

How long will £2.2bn landowner subsidy last in post-Brexit UK?

Brexit may see UK lose its EU air links, warns Ryanair

More in this Section

Driverless cars 'will be limited to avoid them making life and death decisions'

Twitter CEO: Fighting cyberbullying is a constant battle

€90m Cork office block gets go-ahead as objections withdrawn

ESRI: Govt tinkering with taxes 'caused even greater austerity' during economic crisis


Today's Stories

Organised crime gangs ‘flying in to steal iPhones’

Titanic Belfast profits up nearly 60%

Mercedes speeds up its rollout of electric vehicles

Brexit may see UK lose its EU air links, warns Ryanair

Lifestyle

Genesis of rivalry is still there says guitarist Steve Hackett

Are we still our authentic selves with filtered selfies?

The horrors of WWII through the eyes of an Irishman

Technology in school is about collaboration and ideas - not passively swiping at a screen

More From The Irish Examiner