International banks’ Irish balance sheets rise to more than €500bn
Large banks with international operations run from Ireland have seen a huge increase in their Irish balance sheets as a result of Brexit.
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A study has found they have grown by as much as €200bn (£167bn) since the UK voted to leave the EU in 2016.
It meant Ireland had the eighth largest international banking sector in the EU at the end of 2020.
It brings the total amount on Irish balance sheets of international banks to €517bn (£432bn).
The findings are contained in a report published on Tuesday.
The Federation of International Banks of Ireland (FIBI) and the Banking and Payments Federation Ireland analysed the contribution made by international banks to the economy in the Republic of Ireland.
The transfers put Ireland in second place behind Germany when it came to the value of assets that were moved from UK to EU banks.
Globally, it pushed Ireland’s international banking sector to the 17th biggest.
‘Influx of assets’
Fiona Gallagher, chair of FIBI and chief executive of Wells Fargo Bank International, said Ireland was now one of the key EU hubs for international banking and capital markets activity.
“Many UK and global banking groups built-up or established new Irish entities to service EU clients post-Brexit,” she said.
“This has seen an influx of new staff, assets, risk management capabilities and investment services activities in Ireland.”
Ms Gallagher also pointed out that in many of the lenders, EU branch networks have also been revised.
This has resulted in the transfer of EU branches of UK entities to new EU entities in Ireland.
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