Banks in Ireland regulated by the ECB’s Single Supervisory Mechanism saw their balance sheets increase from 300 billion euros ($342 billion) in December 2015 to 500 billion euros in July, trade group Banking & Payments Federation Ireland and its affiliate the Federation of International Banks in Ireland said in a report Tuesday.
“While Ireland’s international financial services sector has steadily grown over the decades, the U.K.’s exit from the EU has accelerated this trend,” Fiona Gallagher, Chief Executive Officer of Wells Fargo & Co.’s Irish-based unit, said in a statement. “This has seen an influx of new staff, assets, risk management capabilities and investment services activities in Ireland.”
Thousands of jobs and hundreds of billions of dollars of assets moved from the City of London since the U.K. voted to leave the bloc. While London remains Europe’s preeminent financial center, the shifts have given momentum to cities from Paris to Frankfurt to Dublin.