Dublin remains the most popular choice for financial services firms to relocate to post-Brexit, EY's latest Financial Services Brexit Tracker shows.

The tracker reveals that 29 firms have committed to relocating staff or operations to Dublin since the Brexit referendum in 2016.

Luxembourg has attracted 25 companies and is just ahead of Frankfurt which has attracted 24 firms so far, EY stated.

The tracker shows that Dublin has mainly attracted insurance, banking and asset management firms, as well as a significant proportion of what are known as Globally Systemically Important Banks.

Meanwhile, the companies that have chosen Luxembourg are mostly asset managers and insurers, while Frankfurt has mainly been selected by large investment banks.

EY also noted that over the last three months, the number of relocation announcements from financial services firms has fallen significantly.

It said this suggests that firms have paused or slowed their Brexit preparations since the October extension date was announced earlier this year.

Cormac Kelly, Financial Services Brexit Lead for EY Ireland, said that those firms who have relocated, gained their licences and are operationally ready, are now focusing on "business as usual". 

"The challenge for them now is running their newly regulated entities across the European jurisdiction where market conditions are tough, regulators are demanding, and the need to deliver cost reduction and productivity increases are relentless," Mr Kelly said. 

"Given the continued confusion around the UK political landscape and uncertainty on the timeline for a Brexit outcome, firms continue to spend time and effort planning for a no-deal, but most are seriously hoping for a clear resolution soon so that  they can have confidence in a more certain 2020," he added.

Professor Neil Gibson, Chief Economist at EY Ireland said that Dublin's top position on the relocation league table is particularly encouraging given the increasing focus within the sector on cost reduction. 

He said that the moderation of house price growth in the city and very benign inflation conditions have been extremely helpful and somewhat unexpected given the pace of Irish growth.

"In the event of a no-deal Brexit, the relocations will be very helpful in generating income that Government can invest to offset losses elsewhere in the economy," the economist added.