Cen­tral Bank to sell IFSC build­ing

The Irish Times - - Business Today - JOE BREN­NAN and PETER HAMIL­TON

The Cen­tral Bank has de­cided to sell its Spencer Dock build­ing in the In­ter­na­tional Fi­nan­cial Ser­vices Cen­tre (IFSC) in Dublin, which it bought for ¤104 mil­lion in 2015, as it in­tends to buy two build­ings be­ing de­vel­oped be­side its nearby head­quar­ters on North Wall Quay to give scope for ex­pan­sion.

The move could give the bank the ca­pac­ity to grow its em­ployee num­bers by some 300, or 17 per cent. The two prop­er­ties are be­ing con­structed by de­vel­oper Sean Mul­ryan’s Bal­ly­more Group and its Sin­ga­pore part­ner Ox­ley as part of the so-called Dublin Land­ings mixed de­vel­op­ment com­plex.

It is ex­pected that staff will move to the new prop­er­ties in 2020.

The two build­ings have a com­bined 200,000sq ft (18,850sq m) of floor area, al­most 60 per cent greater than the Spencer Dock prop­erty, which it had partly leased be­tween 2008 and 2015, when it bought the prop­erty out­right.

“As the Cen­tral Bank’s man­dates and re­spon­si­bil­i­ties grow and be­come more com­plex, we are com­mit­ted to en­sur­ing our staff con­tinue to have a ful­fill­ing work­place,” said Gerry Quinn, the or­gan­i­sa­tion’s chief op­er­a­tions of­fi­cer. “The ac­qui­si­tion of the ad­join­ing premises will en­sure that this con­tin­ues to be the case.”

The Cen­tral Bank, which had the equiv­a­lent of 1,815 full-time staff as of July, moved its head­quar­ters last year from Dame Street to the north dock­lands, af­ter buy­ing

‘‘ More than 400 peo­ple work in the Spencer Dock build­ing

and com­plet­ing the con­struc­tion of a river­side build­ing orig­i­nally be­ing de­vel­oped to house the now-de­funct An­glo Ir­ish Bank. The to­tal cost of that build­ing, where about 1,400 staff and con­trac­tors are based, was about ¤140 mil­lion.

More than 400 peo­ple work in the Spencer Dock build­ing. The Cen­tral Bank said that the sale of this prop­erty will partly fund the new build­ing ac­qui­si­tion and the “re­main­ing costs will be funded from the Cen­tral Bank’s own re­sources”. A spokesman de­clined to com­ment on the cost of the two build­ings.

Strate­gic plan

Mean­while, the bank pub­lished its lat­est three-year strate­gic plan yes­ter­day, which iden­ti­fied Brexit as a pri­or­ity theme. “Brexit has also meant a sig­nif­i­cant ex­pan­sion in the set of firms look­ing to use Ire­land as a base to serve the EU27 fi­nan­cial sys­tem and it is forc­ing a re­think of the ap­pro­pri­ate frame­work for reg­u­lat­ing trade in fi­nan­cial ser­vices be­tween the EU27 and other lo­ca­tions,” gover­nor Philip Lane said.

The bank’s strate­gic plan sets out its pri­or­i­ties for the next three years.

As well as deep­en­ing its Brexit fo­cus, the strat­egy sets also out an am­bi­tion to strengthen re­silience and con­sumer pro­tec­tion.

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