TOP dealers in the London office of US banking giant Merrill Lynch are going on the transfer market and moving to Dublin. A company campaign to persuade its dealers to make the move has gone well and more than 100 are now expected to cross the Irish Sea over the next couple of years.
The bank, which already employs 80 people at Dublin's International Financial Services Centre, is now confident that its entire non dollar capital market activities will be run from Dublin, providing a major boost to the IFSC.
So far, dealing teams in its swaps and its futures and options sections have succumbed to the idea of living in Ireland, and are preparing to move their families over the coming months
The switch to Dublin is the brainchild of Merrill's Irish American boss, Mr Dan Tully, who, it seems, is intent on making Ireland a significant part of its global network. The bank's senior executives from around the globe were introduced to Dublin earlier this year, when summoned by Mr Tully to attend a board meeting at Dublin Castle.
Sources at Merrill Lynch in London say there has been no problem in encouraging people to move across the Irish Sea. Staff will all receive substantial relocation costs and are said to be looking forward to living in the Republic.
A small proportion of these staff are understood to be Irish.
Much of the bank's non dollar interest rate and currency swap business has been transferred to Dublin. The next step for the company is to expand its Irish operations to include foreign exchange dealing.
