Professor Philip Lane:

Broadly speaking, I have engaged enough with firms that are looking around to see what their post-Brexit strategies are going to be to be clear that there is a good level of understanding of what is needed here, which is basically the same as in any EU country. It is a common regulatory regime. For the banking sector, as such, it is a single decision in Frankfurt under the Single Supervisory Mechanism and not a local decision about authorising a bank. For the non-bank financial sector, the same regulatory regime is, by and large, in place across Europe even if it is locally implemented. My stated philosophy on this is that regulation should not be a decision factor. That should be a level playing field across Europe. After that, firms need to be looking at where is a good place to do business. That Dublin has a demonstrated track record in international finance of course means that it is in the mix for various firms in thinking about where to locate. We have a neutral role in this. We do not have a discretion to decline to engage with a firm that looks to set up here. We apply the same assessment as any other regulator in Europe. It is also clear that it is in everyone's interest that we have that kind of neutral role. Other parts of the Government and the system can play the advocacy role. Our role is to be a neutral regulator.