Zurich to shift part of business out of Ireland

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MrEarl

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Zurich to shift part of business out of Ireland

Firm says decision was on foot of Brexit, but sources say move came after engaging with Central Bank on regulatory requirements in Ireland
www.businesspost.ie

More finger pointing towards the Central Bank - that's Revolut, Starling Bank, and now Zurich, within circa 12 months.

Some might also add Ulster Bank and KBC to that list...

That's a lot of jobs gone, a lot of future tax revenue gone, and potentially more reputational damage for our Financial Services industry.

Have we a problem with the Central Bank?
 
MrEarl said:
Have we a problem with the Central Bank?
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No doubt about it.

Senior officials in both Ulster and KBC will admit privately that the arbitrary nature of the Central Bank’s decision making process was the main driver for their exit from the Irish market.

The conduct of the tracker inquiry was the last straw in those cases.
 
Sarenco said:
Senior officials in both Ulster and KBC will admit privately that the arbitrary nature of the Central Bank’s decision making process was the main driver for their exit from the Irish market.
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I heard of a slightly different emphasis: that the capital required for Irish operations just couldn't be justified given the level of profitability involved compared to other jurisdictions. (Of course regulatory fines are a part of that).

MrEarl said:
Have we a problem with the Central Bank?
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I'm old enough to remember when the problem with the Central Bank was when it was far too lax, particularly on prudential supervision.
 
MrEarl said:
Have we a problem with the Central Bank?
Click to expand...
NoRegretsCoyote said:
I'm old enough to remember when the problem with the Central Bank was when it was far too lax, particularly on prudential supervision.
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The Central Bank has lots of faults. They are not up to date with what is going on. I know some posters on here have spoken to them about products and the CB hadn't a clue what was going on. In other cases, they were merely box ticking (see Custom House Capital). The biggest issue with the CB is they don't have enough power and that is a legislative problem. A lot of the issues that they face, they don't have the power to do something or to investigate further. Some of the fines that that can be imposed are a joke and can be paid for out of petty cash. They need to be given real teeth and real resources.
 
Just another public service quango. Jobs for the girls and boys, nice wages, impressive titles and pensions, of zero use to consumers. Regulator? I don't think so.
 
mathepac said:
Just another public service quango. Jobs for the girls and boys, nice wages, impressive titles and pensions, of zero use to consumers. Regulator? I don't think so.
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And of course they had to spend a fortune taking over the Anglo irish bank headquarters, then they put metal cladding around it as a decorative feature only to realise afterwards that it acts as a faradays box blocking electromagnetic signals like mobile phones ,a great bunch of lads alright
 
Are we thinking senior execs in the CB are making the decisions about the metallic properties of the cladding used on their building or that their ineptitude in doing so somehow reflects on their ability to run a central bank?
 
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