| 10.5°C Dublin

Bank moves $50bn to UK

BANK of America is believed to be negotiating talks to transfer about $50bn (€37bn) of its derivatives business from its Irish unit into its UK operation.

The Merrill Lynch International Bank Ltd operation, which is based in Dublin and started in 1995, is among 21 overseas- owned banks to have full Irish banking licenses, according to central bank data.

John Bruton, chairman of the International Financial Services Centre said that the plan may "be driven in part by internal tax considerations."

The move is aimed to centralise and book trading activities in one place.