‘Brexit risks’ as Barclays to set up in Dublin

The Central Bank has cut its growth forecast for this year even as the Irish economy has shown “resilience” to the first shockwaves from the UK’s Brexit vote and the drop in the value of sterling against the euro.

UK economic growth hadn’t slackened but risks lie ahead as some sort of hard Brexit deal looms large, the bank said in its quarterly report, noting Irish-owned manufacturing industries had experienced a softening in demand even before the sharp slump in the value of sterling six months ago

The Central Bank said it had received in all 100 inquiries from UK-based banks and investment funds who were at an early stage in weighing possible new homes in the EU should they barred from selling financial services from London, if the UK strikes a hard Brexit deal with Brussels.