More than 100 firms ask Central Bank for rights to operate here post-Brexit

MORE than 100 firms have made Brexit applications to the Central Bank for authorisation to operate.

Governor of the Central Bank Philip Lane is to come before the Joint Oireachtas Finance Committee.

In his opening remarks, seen by the Irish Independent , Mr Lane will tell TDs that more than 100 firms have made Brexit-related applications for authorisation across a number of sectors.

The applicants intend to sell directly to Irish customers or sell from Ireland into the EU. The potential activities include banks, investment firms, trading venues, electronic money institutions, commercial insurance and retail insurance.

“While there has been some focus on potential attractiveness of Ireland for firms choosing to relocate and on the numbers of firms coming to Ireland, the Bank’s clear objective is to deliver financial stability through assertive risk-based supervision,” Mr Lane is set to tell TDs today.

Work is under way at national and European level to bulwark against the possibility of Britain crashing out of the EU and firms are being urged to prepare for all plausible worst-case scenarios.

Mr Lane is before the committee to discuss a report compiled earlier this year which found failures in the culture of Irish banks.

Fianna Fáil TD John McGuinness said the committee was looking forward to questioning Mr Lane on the report.

TDs will be hoping to tease out “the best path forward to promote a banking sector that meets the needs of the Irish people”, he said.

Mr Lane will also give an update on the tracker mortgage scandal, with 38,400 cases identified and €580m redress paid to date.