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Brexit Gives $228 Billion Boost to Balance Sheets of Irish Banks

The Silver Shroud

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Jacob Rees-Mogg and John Redwood have already moved their wealth to Ireland. Let's hope all the working class Brexiter's are also canny enough to move their wealth to the EU.

The balance sheets of Ireland’s biggest banks have risen by two thirds since the Brexit vote, the latest data to demonstrate how Europe’s financial landscape is shifting following the U.K.’s departure from the European Union.

Banks in Ireland regulated by the ECB’s Single Supervisory Mechanism saw their balance sheets increase from 300 billion euros ($342 billion) in December 2015 to 500 billion euros in July, trade group Banking & Payments Federation Ireland and its affiliate the Federation of International Banks in Ireland said in a report Tuesday.

Since the Brexit vote in June 2016, Citigroup Inc., Barclays Plc and Bank of America Corp. have all set up or expanded units in Ireland that fall under the ECB’s supervision. The main Irish retail banks were already under the ECB’s remit. 

Brexit Gives $228 Billion Boost to Balance Sheets of Irish Banks - Bloomberg (archive.is)

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