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Firms seeking Ireland move must have 'substantive presence,' central bank says

The CentralBank of Ireland will require companies looking to transferoperations to Dublin after Britain leaves the EU to have a "substantivepresence" in the country, according to an official from the regulator.

Gerry Cross, director of policy and risk, said at a DeloitteBrexit briefing that Ireland could see a "material increase" inapplications to do business from the country, which would allow firms that are currentlybased in the U.K. to maintain their access to the EU's single market afterBritain exits the trading bloc, The IrishTimes reported Oct. 4. But he said the central bank would expect relocatedbusiness to be backstopped by sufficient staff to manage associated risks.

"We will in general want to see that the board and themanagement of the entity are located here such that the business is run fromhere," Cross said. "We will want to be satisfied that the mind andwill of the entity are located here, that the decision-making happens here."