Bank of America Merrill Lynch has completed the cross-border merger of its UK banking unit with its Ireland-based arm, making Dublin the hub for its main European banking entity.
Irish banks offer among the lowest rates for savers in Europe, according to a survey by easyMoney.
Bank of Ireland has signalled that it may sell off problem mortgages and other non-performing loans to meet tougher regulatory pressures.
A “no deal” Brexit, under which the UK leaves the EU without a withdrawal agreement, would mean the Irish economy would face the costs of the UK’s departure much earlier, the Central Bank has warned.
The bank’s new prediction far surpasses estimates from European Union officials: Bank of Ireland chief economist Loretta O’Sullivan said the bank expected an interest rate hike in August in the UK.