Financial Services Minister concerned over battle for Brexit banks

Financial Services Minister Eoghan Murphy has raised his “very serious concerns” about the behaviour of other EU countries over their bids to lure institutions from London after Brexit.

Financial Services Minister concerned over battle for Brexit banks

At a meeting in Brussels early this month, the Minister voiced his concerns with Commission vice-president Valdis Dombrovskis that other jurisdictions were over-promising as they attempted to persuade insurance companies, in particular, to set up offices in their jurisdictions, a spokesman for the Minister said.

The concerns do not amount to an official complaint to the Commission, but the Minister wanted to stress the need for some sort of clarity over regulations in case rival jurisdictions were not able to deliver the required levels of oversight and Ireland would lose out, his spokesman said.

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