City heads to Dublin to discuss future UK-Irish financial services collaboration


City of London Corporation policy chair Catherine McGuinness heads to Dublin today, where she will meet several key Irish financial services stakeholders at the European Financial Forum.

Ms McGuinness will have bilateral meetings with the Central Bank of Ireland, the Department of Finance, KPMG and ESMA among others, in which she will look to discuss common regulatory objectives and the potential for strong regulatory co-operation as part of the future UK-EU framework.

She will also discuss the Irish general election, and what the result may mean for UK-Republic of Ireland financial services trade as UK-EU trade negotiations get under way.

Trade in financial and other business services between the UK and the Republic of Ireland was worth £14.7bn in 2018, representing 25.9% of the total trading relationship between the two countries.

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Ms McGuinness said: “The UK and Republic of Ireland have deep and valuable ties in financial services, forged across the period of several centuries.

“My visit to Dublin comes at an important time, as a new chapter opens in the trading relationship between our two countries.

“It is clear that the financial services sector needs to be a priority for both sides as we look towards how we want that relationship to evolve.

“There are several areas in which we share the desire for mutual regulatory cooperation in the future, and it is vital for businesses and consumers on both sides of the Irish Sea that our already close partnership continues to go from strength to strength.”

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