While Ireland is currently known for its pubs, it may soon become famous for something else: its banking sector.
In the fallout of the Brexit, it is believed that many large banking firms operating out of London will look to move to Ireland’s capital, Dublin, for a handful of reasons.
First of all, Ireland will remain within the European Union, which will allow it better trade privileges with the rest of Europe. While this could entail moving headquarters to Dublin for many companies, others may simply choose to have a subsidiary in the Irish capital.
Dublin is also known for its current high presence of banking firms, being friendly to Anglophones, its proximity to London and the rest of Europe, and its favorable tax policies— which have even drawn American firms.
Over 700 U.S. companies, many not in the financial sector, including Apple, Google, Twitter, and Johnson & Johnson have current operations in Ireland.
A number of current executives of banks with operations in England have warned that they could soon be leaving, either fully or in part. These institutions include J.P. Morgan Chase, HSBC, Citigroup, Deutsche Bank, and Morgan Stanley.
While Dublin sounds alluring to most bank executives, it might be harder to convince current employees to move. London is considered one of the world’s most exciting cities; Dublin is not.
All in all, while the Brexit may affect the Irish economy no less than it has other countries, the promise of new jobs may help it weather the storm.