Brexit likely to benefit Ireland in long term, says NTMA chief

Ireland may eventually gain from the UK's vote to leave the European Union even if it causes a short-term downturn, the head of Ireland's debt-management agency said.

"The advantages of Ireland as a destination for foreign direct investment [FDI] from multinationals are likely to be amplified," National Treasury Management Agency chief executive Conor O' Kelly said in a Bloomberg Television interview in New York on Monday.

“Strategically, if Britain continues to isolate itself, Ireland’s place as a global hub may be very significant.”

The Brexit vote may hurt Irish exporters in the short term but Ireland is a “very adaptable economy,” O’Kelly added.

Ireland is seen as one of the favoured destinations for financial firms based in Britain that want to retain so-called “passporting” rights which allow them to trade in the EU.

Mr O’Kelly said he “would not be opportunistic” about Ireland attracting large numbers of companies from the UK immediately.

“It’s not about the next year or two, it’s about the next five or 10 years,” he said. – (Bloomberg)