The sun reflects of the windows of the International Financial Services Sector (IFSC) building in Dublin March 5, 2015. REUTERS/Cathal McNaughton
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Ireland has complained to the European Commission that it is being undercut by rival centers competing to host financial firms looking for a European Union base outside London after Brexit. Last week, U.S. insurer AIG became the biggest group so far to pick Luxembourg as its EU base, alarming Irish officials who fear others may follow after British Prime Minister Theresa May won the right to begin the potentially long process of separation from the European Union.Nevertheless, Dublin has received 80 inquiries, according to IDA Ireland, the state agency that attracts foreign investment, from banks to fund managers, while Ireland's central bank received five applications from insurers to set up.Ireland's central bank, wary of the risks in finance after the country was almost bankrupted by a financial crash, is making higher demands, officials and consultants said.However, a "hard Brexit" – in which Britain loses access to the EU's single market – would wipe more than 4 percent off total Irish exports, compared to 2.5 percent for Germany and just 0.6 percent for Luxembourg, an Irish government-commissioned report showed.
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