LONDON Jan 27 Bank of America has begun
moving $50 billion of derivatives out of its Irish-based
operations into its British subsidiary, The Financial Times
reported on its website on Sunday.
The move will allow the world's number 10 bank by assets to
benefit from tax breaks stemming from accumulated losses in its
UK business, the FT said.
According to the Financial Times, bankers said Irish
officials were uncomfortable with the scale of the business
which posed a theoretical risk to Irish taxpayers.
UK regulators were also keen to have closer control of the
European operations of the bank which has its operational
management based in London, said the FT.
A large chunk of Bank of America's European business,
including cash management, corporate lending and derivates, is
traditionally routed through the Dublin subsidiary, said the FT.