Bank moving €37bn assets to UK

Bank of America is in talks with regulators to transfer about $50bn (€37bn) of its derivatives business from its Irish unit into its UK operation, according to sources.

It is part of a move to centralise and book trading activities in one place. The plan requires regulatory approval, one source said.

The Merrill Lynch International Bank Ltd operation, which is based in Dublin and started in 1995, is among 21 overseas- owned banks to have full Irish banking licenses, according to central bank data.