Minister of State for Financial Services Eoghan Murphy has said that a large amount of work has been done in order to attract banks and financial services to Ireland post Brexit.

Speaking on RTÉ’s Morning Ireland, Mr Murphy said there is a huge amount of interest in relocating to Ireland after the UK leaves the European Union, because Ireland will be a gateway to the EU.

He added that the 2017 Action Plan, to be published later today, has a heavy Brexit element to it.

Mr Murphy said he did not expect companies to simply move wholesale from London to Ireland, but he believed there could be a part move to cities in Ireland, to allow companies to gain access to the single market.

The Brexit process would be a long one, he said, adding that the current lack of housing in Ireland does not flag as a major concern with companies who might be considering relocating.

The Government had to be mindful of its relationship both with the UK and the EU and be careful how it straddled those concerns, he added.