Minister warns of 'dangerous competition' in EU to attract firms fleeing UK after Brexit

Minister for Financial Services, eGov and Procurement, Eoghan Murphy has warned against a lowering of financial regulatory standards across EU financial hubs as they compete to attract companies fleeing London as the UK leaves that EU.

"Other cities in Europe are being very aggressive in trying to win business," Eoghan Murphy told Reuters.

He added that this could turn into "dangerous competition."

Ireland's Central Bank has said in the past that it will not allow high-risk investment banks to move to Ireland if it feels that it does not have the resources to offer sufficient regulation.