Employment in Ireland’s international financial services could increase by 25% in the next 18 months as a result of Brexit, according to executive recruitment firm Ardlinn.

Ardlinn, part of the Cpl recruitment group, predicts that prospects of such growth are being significantly boosted in terms of financial assets transferred, jobs and relocations, with intensive financial processing activity now under way in Dublin “as regulators work to accelerate the authorisation of London-based groups seeking to retain access to European markets”.

Director Áine Brolly (pictured) said: “Dublin is the most popular location choice for financial services firms to relocate to post-Brexit, with 27 firms now having committed to moving staff or operations to the city since the referendum,  placing it above Frankfurt, Luxembourg and Paris in the pecking order.”

Brolly added that the international financial services workforce in the capital is set to grow to 60,000 people by 2020.

“Financial passporting was always one of the core issues in relation to London’s wishes to remain in the EU, and we are now starting to see reality of the fallout from the Brexit decision. Based on our recent contact with the global Cpl network, institutions which once looked like permanent fixtures in the UK are now less certain."

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In recent weeks insurance giant Aviva confirmed plans to transfer £9bn worth of assets from London to Dublin in what Ardlinn claims is a growing momentum towards a financial exodus from the UK to Ireland.

 The executive recruitment firm has said this growing demand for financial services in Ireland will lead to increased recruitment of C level roles and will see upper level financial services salaries rise by 20%, with increased choice and competition helping to ramp up rewards in this burgeoning sector.