Ireland should beware of the bonanza promised by Brexit’s banking refugees

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Ireland should beware of the bonanza promised by Brexit’s banking refugees


Stay afloat: Swans on the River Liffey in the financial district of Dublin. Photo: REUTERS/Clodagh Kilcoyne
Stay afloat: Swans on the River Liffey in the financial district of Dublin. Photo: REUTERS/Clodagh Kilcoyne

Data shows that Dublin is already getting more foreign investment than any European capital apart from London and it won the same number of projects in the finance sector in the first three quarters of 2017 as it did in the previous two years combined.

Under the headline ‘Irish eyes are smiling’, ‘Financial Times’ publication ‘FDI Intelligence’ heralded the dawn of a new post-Brexit era in which the State was emerging as a big winner, citing expansion plans from TD Securities here and the opening of Merrill Lynch’s new EU headquarters.

All well and good. High-paying jobs are to be welcomed and the idea that a well-functioning financial system is essential for economic development goes back to Walter Bagehot. But in the wake of the financial crisis – the bill for which is still being footed by taxpayers – it is worth asking whether a combination of yet “more Dublin” and “more finance” is good for Ireland.

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