According to an index of 15 cities compiled by a relocation company, Dublin has come up as the best destination in the European Union for London-based bankers who could be forced to move after Brexit.
Movinga, the survey firm, said on its website that the cost of renting a flat in Dublin is markedly cheaper than in Paris, Frankfurt or Luxembourg and Dublin benefits from being the only other English-speaking destination in the EU even though Ireland tied for the highest top income tax rate, at 52 percent. The index showed that while Frankfurt languished in sixth place and Paris in ninth, below Valletta in Malta and Brussels, Amsterdam is the next-best destination for Brexit exiles.
Soon after Prime Minister Theresa May starts the clock ticking on the two-year negotiation period to leave the EU, expected on March 29, banks Bottom of Form
will begin their process of moving jobs out of the U.K. With Standard Chartered Plc, Barclays Plc and Bank of America Corp. likely to choose the city for their new EU hubs, Dublin has emerged as one of the favorites for London-based banks seeking uninterrupted access to the bloc post-Brexit.
Including the number of Michelin-starred restaurants and Burberry shops to the cost of an evening cocktail, Movinga’s index is also weighted for a range of other variables.
“Everyone is talking about cities like Paris and Frankfurt preparing for an influx of banking industry workers due to Brexit,” said Finn Hänsel, managing director of London-based Movinga. “But other cities like Dublin, Valletta, Luxembourg and Amsterdam may actually be better equipped to make these workers feel happy and at home.”
However the management at the banks seem to be giving weight to other factors even as Dublin may be selected as the best destination for bankers and their spouses by Movinga’s measure. Including big names such as Goldman Sachs Group Inc. and Citigroup Inc, Frankfurt is shaping up as the top pick for many of the biggest international banks.
BaFin, one of the only EU regulators with experience overseeing complicated derivatives trading, the Deutsche Bank AG and the European Central Bank are housed in the German city and the city has a financial ecosystem that features such big names.
Up from 39th in March, Dublin came in 31st place in September in consulting firm Z/Yen Group’s index of global financial centers. While London came in first, Frankfurt was 19th and Paris 29th in the same list.
(Adapted from Bloomberg)