Referendum sees ‘more people move savings offshore to safer havens’

The referendum on the fiscal treaty has caused an increase in people moving their savings out of Ireland into perceived safer havens, according to a Cork financial adviser.

Sean Pierse of ABM Financial Advisers said that there had been a lull in people moving their money out of Ireland in Jan and Feb but since the announcement of the fiscal treaty he has been working night and day off-shoring people’s money.

“We are definitely seeing capital flight since the referendum was called. People want safety at the moment, not a return on their investment,” he said.