International banks’ Irish balance sheets rise over €500bn

As a result of Brexit, large banks with foreign operations based in Ireland have witnessed a significant boost in their Irish balance sheets. According to a study, they have increased by much to €200 billion (£167 billion) since the UK chose to leave the EU in 2016.

At the end of 2020, Ireland had the EU’s ninth-largest international banking sector. It takes the total amount on international banks’ balance sheets in Ireland to €517 billion (£432 billion). The results were revealed in a report released on Tuesday.

The contribution of foreign banks to the economy in the Republic of Ireland was examined by the Federation of International Banks of Ireland (FIBI) and the Banking and Payments Federation Ireland.

When it comes to the value of assets transferred from the UK to EU banks, the transfers put Ireland in second place after Germany. It propelled Ireland’s international banking sector to the 17th largest in the world.