Authorisation-related activity has continued to increase including queries from banks, markets firms, queries regarding payments and electronic money, and insurance authorisations. However, to date, these have largely been exploratory. Many firms will wait until Article 50 is triggered before taking concrete decisions on activity and location.
Our authorisation process has been clearly outlined on many occasions.2 Firms will be engaged in an efficient, open and rigorous process. We expect there to be a substantive presence here in Ireland. The establishment of new firms does indeed bring the prospect of potential upside in the form of new employment in the financial services sector.