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Too soon to call if regulation influencing Brexit moves - Irish central bank
May 3, 2017 / 2:26 PM / in 6 months

Too soon to call if regulation influencing Brexit moves - Irish central bank

FILE PHOTO: Philip Lane, Governor of the Central Bank of Ireland speaks in London, Britain, October 28, 2016. REUTERS/Toby Melville/File Photo

DUBLIN (Reuters) - Many financial firms based in London have yet to decide on where to move operations to as a result of Brexit so it is too early to say if different interpretations of regulatory rules will play a role, Ireland’s central bank governor said on Tuesday.

The Irish government in March complained to the European Commission that rival centres were “offering a back door to the EU’s single market” by allowing regulatory arbitrage, a reference to undercutting rivals with lax rules.

“My aim has been to make sure that regulatory issues do not play a role in these decisions. I think we’d have to wait for more decisions to get enough of a case load to work out whether that (regulatory arbitrage) is a substantive issue,” Governor Philip Lane told a news conference.

Reporting by Padraic Halpin

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