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June 30 2017 7:54 AM
The Irish government has secured deals with more than a dozen London-based financial houses and banks which will see the firms move some of their business to Ireland, according to a report in the Guardian.
The head of Ireland’s Industrial Development Authority (IDA), Kieran Donoghue, told the publication that each of the companies in question was looking for office space capacity ranging from between 10 and 500 staff.
Banks and financial services are required to be ready for Brexit by the end of March 2019.
Due to the time it takes applying for a licence from domestic regulators and securing office space, multinational companies based in the UK will need to finalise their post-Brexit plans in the coming weeks.
Read more: QBE Insurance chooses Brussels as its post-Brexit base
The Bank of England has said that financial firms must provide it with information regarding their Brexit plans by mid-July, the Guardian reported.
Mr Donoghue told the publication that several firms will not reveal their decision to move to Dublin until they had finished their discussions with the regulatory authorities in Ireland and Britain, the European Central Bank, and the US regulatory authorities.
Earlier this year global banking giant JP Morgan Chase agreed to buy a Dublin office building large enough for 1,000 staff for a reported €125m.
However Ireland has suffered a number of high profile losses in its bid to attract companies to move to Dublin.
Read more: JP Morgan snaps up Dublin site as part of Brexit planning
Insurers AIG and Lloyd's of London opted for Brussels and Luxembourg over Dublin for their post-Brexit relocation plans, while QBE is reported to be choosing Brussels as its post-Brexit base.
Earlier this month UK-based RSA said that it is to set up a subsidiary in Luxembourg to look after its German, French, Spanish, and Dutch business.