Brexit is likely to see some relocation of financial services to Dublin. Authorisation-related activity in Ireland has continued to increase including queries from banks, markets firms, queries regarding payments and electronic money, and insurance authorisations. To date, these have largely been exploratory.
On top of that, Danish participation will mean that the Danish Financial Supervisory Authority will be fully represented on the Supervisory Board at the ECB. The Supervisory Board will make supervisory decisions concerning institutions supervised directly by the SSM. Decisions by the SSM must subsequently be approved by the ECB's Governing Council. That is a formality.