While Ireland is deemed to have more to lose than fellow European Union member states by Britain’s decision to quit the EU, the possibility that firms keen to stay in could choose Dublin as their new home offers some potential upside. This is especially true as Ireland will be the only English speaking country remaining in the EU when Britain formally leaves.
As the current situation stands, Ireland is already a magnet for many multinationals every year and accounts for almost one in 10 Irish jobs.
According to Martin Shannahan, CEO of the IDA, statements from some very large companies – financial companies in particular, have made it clear over the past few days that Ireland is being considered.
Morgan Stanley President Colm Kelleher told Bloomberg Television on Wednesday that Brexit could prompt it to move its European headquarters to Dublin or Frankfurt from London.
In spite of potential competition to financial services from Centres like Frankfurt and Paris Ireland is still an attractive option.