Bank of America views Dublin as its default destination for a new hub inside the European Union if Brexit means the United Kingdom loses easy access to the single market, according to one of the firm’s top executives in Germany.
The bank will likely move some jobs to other cities across the EU, including Frankfurt, Madrid, Luxembourg and Amsterdam, Nikolaus Naerger said at a briefing hosted by the Association of Foreign Banks in Germany. The firm has not made a final decision on Dublin and could choose a different destination, said Mr Naerger, Bank of America’s head of corporate banking in Germany, Switzerland and Austria.
“We will look very carefully who can be the EU passporting entity in future,” and will make the decision on a hub once there is more clarity on where Brexit negotiations are headed, he said. Passporting is the right of banks in one EU country to provide services to the rest of the bloc.
Banks, bracing for the worst, are set to start the process of moving operations into the EU within weeks of the prime minster Theresa May triggering Brexit talks, which is scheduled to happen by the end of the month. Dublin shares similar laws and regulations as its UK neighbour and is the only other English-speaking hub in the European Union, making the city a go-to option for London-based banks seeking uninterrupted EU access post Brexit.
Bank of America already has a fully licensed operation in Dublin, hence why it is the default option, Mr Naerger said. The bank will still maintain a large presence in London, he said.
“Dublin is an emergency, a default option that the bank has,” he said.
The level of interest from firms exploring a move to the Irish capital has been higher than anticipated, the Irish central bank deputy governor Cyril Roux said, according to minutes of a January 30 meeting of the bank’s commission published on the central bank website on Tuesday.
There is a wide range of financial companies considering an Irish outpost. Besides banks including Barclays and Standard Chartered, trading platforms like currency venue LMAX Exchange and Bats Global Markets’ London unit are also on the list. The Chicago-based derivatives behemoth CME Group has examined Dublin as it seeks to ensure its clearinghouse retains access to EU customers, people familiar with the discussions said in November.
* Bloomberg
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The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
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How to protect yourself when air quality drops
Install an air filter in your home.
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if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
Scoreline
Man Utd 2 Pogba 27', Martial 49'
Everton 1 Sigurdsson 77'
PRISCILLA
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