Barclays files for court permission to transfer business to Ireland
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Barclays is to seek approval from the high court that will allow it to transfer business worth about £220 billion to the Republic of Ireland as part of its Brexit arrangements, the Irish Times newspaper has reported.
Barclays has already confirmed it intends to move its non-UK European business to the Republic from Britain ahead of its planned departure from the EU in March 2019.
And last week Barclays chief executive Jes Staley confirmed that the Central Bank of Ireland had given the lender the green light for its expansion in the republic.
The Irish Times report state that the bank has now applied to the UK high court for an order allowing it to transfer its European Economic Area (EEA) business to the Republic and expects this to be heard on January 22nd.
The hearing will cover corporate banking, investment banking, private clients and customers’ overseas business based in the EEA.
Anyone who believes the plan will damage their interests can make their case at the January hearing.
According to reports last week, the move will involve the transfer of €250 billion in group assets to the Republic.
The EEA comprises the EU, Iceland, Liechtenstein and Norway.
The bank is due to move into new offices at One Molesworth Street in Dublin city centre next month. It had pledged to boost its workforce across the Irish Sea by 200.
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