Ireland's financial services sector can expect to receive a "meaningful share" of activities that will move from Britain as a result of Brexit.

This is according to a senior Central Bank official, who was citing feedback from the bank's many meetings to date. 

Ed Sibley, the Central Bank's director of credit institution supervision, made his comments this evening at the Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach.

Mr Sibley added that the Brexit impact on domestic retail lenders in Ireland had been manageable to date with no material deposit outflows or significant deterioration in credit quality. 

However, he said that while banks do not currently foresee any material deviation from their strategies, there have been some reductions in forecast loan book growth and subsequent profitability estimates out to 2019.

Mr Sibley also said that the Central Bank has been working in earnest on Brexit-related risks for nearly two years.

Overall, he said the bank still considers that Brexit will have negative effects for Ireland, notwithstanding the fact that the country's overall economic forecasts are for relatively favourable growth in the near term.

The Central Bank has taken a "proactive, considered, adaptive and influential approach to dealing with the impacts of Brexit on financial services and beyond", Mr Sibley told today's committee meeting. 

He said the bank remains conscious of the likely negative impact of Brexit on the Irish economy.  

"We are working effectively to both operate within and influence European norms so that relocation decisions will be based on factors other than potential regulatory or supervisory differences across Europe," he added.