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