The company behind the Web Summit says it is going to move its MoneyConf financial technology conference to Dublin.

The move had been flagged as a possibility by the company's Co-founder and CEO Paddy Cosgrave a few weeks ago as the contract with Madrid, where MoneyConf is taking place this week, expires soon.

The announcement was made a short time ago on social media with a press conference to follow on 22 June in Dublin.

The move follows the decision to move the Web Summit to Lisbon in 2015 from Ireland for at least three years.

That decision followed a high-profile spat with the State authorities over support for the expansion of the event.

In a statement on Facebook, the company said the timing had nothing to do with the departure of Taoiseach Enda Kenny.

"Brexit is transforming Dublin as a financial centre," it said.

"Major banks, credit card companies and fintech start-ups have all signed leases in recent months.

"And it's in this morning that we're moving MoneyConf, which is already one of the world's leading financial services and fintech conferences, to our hometown Dublin.

The statement also references that JP Morgan is moving 1,000 bankers along to Dublin from London, however, the US banking giant will be doubling its workforce here from 500 to 1,000.

The company behind Web Summit still has its headquarters in Dublin where it employs 150 people.