Jan 6th, 2013 by Ben
Ireland is quite willing to adjust its fiscal laws discreetly to attract even one big name. It did so for Merrill Lynch, whose presence in Ireland it has long sought.
… With Merrill Lynch specifically in mind, it changed the 1995 Finance Act. The revision allows foreign branches of Irish-registered companies to receive complete tax exemption on profits and capital gains from foreign branches.
… John Curtin of Ireland’s Industrial Development Authority (IDA) says that the bank will be able to trade as far afield as Tokyo. “We are recognised by the Japanese finance ministry as a premier banking centre. An Irish licence suffices for dealing in derivatives. Dublin will now be central to Merrill’s derivatives trading outside the US.”
Euromoney, September 1995, p.366.