Central Bank in talks with investment firms preparing to move in case of brexit

It has been revealed that the Irish Central Bank is in discussions with a number of international investment companies to prepare for a possible influx of investment managers into Ireland if the UK chooses to leave the EU.

Gareth Murphy, director of markets supervision at the bank told The Financial Times that many firms will seek to "establish a foothold" in the EU if the UK goes.

“The transition [if the UK leaves the EU] could be very messy. I have pressed my staff to gather as much market intelligence [as they can] around this issue,” he told the newspaper.

“The firms we regulate and their counterparts in the UK are faced with a considerable period of uncertainty if Brexit were to happen ... We are envisioning that there will be quite a few possible applications for authorisation in this jurisdiction,” Mr Murphy added.