US banks, including Bank of America (BofA), Citigroup and Morgan Stanley, are reportedly planning to relocate their London-based operations to Ireland, if the UK decides to leave the European Union (EU).
Fears over Britian’s EU exit raised as Prime Minister David Cameron vowed to renegotiate the country’s relationship with the club ahead of a referendum on membership by 2017 if his Conservative party is re-elected in 2015.
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The Financial Times quoted sources familiar with Wall Street banks as saying that Ireland would be a suitable location for some of their European business and their plans were at very early stages.
One senior UK-based manager at a Wall Street bank told the publication: "I’m frankly looking at moving some activities to Ireland.
"I think the Irish central bank and government would welcome this. It is not so much Brexit, more about legal entity optimization."
According to the FT report, there are fears among some executives at US banks that when the European Central Bank (ECB) takes over as direct banking supervisor later this year, a block will be driven between the UK and the rest of Europe’s financial system.
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