Neale Richmond (Fine Gael) | Oireachtas source

I appreciate the response of the Minister of State. I agree with him on the need for licences to be granted in a transparent and, most importantly, rigorous manner. We have learned lessons from having a light touch regulatory regime. I ask the Minister of State to convey my fear to the Minister for Finance that we are missing a trick, especially in the light of Brexit. I will give one anecdotal example. Not long ago representatives of a very large multinational company came to see me and a colleague. They told us they had exhausted the process, having gone back and forth to and from the Central Bank for a period of up to four years. Ultimately, the company was able to complete the entire process in just ten weeks in Luxembourg and as a result 150 jobs were lost to this country. There are briefings in financial institutions which warn companies which are looking to relocate from London to expect delays in Ireland and that there are other options available in competing jurisdictions, be in Frankfurt or Luxembourg.