Ireland is the fourth largest provider of wholesale Financial Services in the EU. With more than 400 International financial institutions, Ireland has become a world-leading centre for a variety of activities ranging from fund administration to aircraft leasing.
Firms located in Ireland provide Financial Services to every major economy in the world. International banks, investment managers, insurers, aircraft leasing operators and an array of other financial firms employ over 42,000 people and contribute €2.3bn each year in taxes.
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More than eight out of 10 of those employed in the sector have at least a bachelor’s degree. Most work in fund management, banking and insurance. However, there is also a large Financial Services sector supporting a multitude of operations in Ireland, ranging from lawyers and accountants to IT providers.
While Dublin acts as the main hub, the Financial Services sector has many operations spread throughout Ireland from Letterkenny to Cork, Galway to Kilkenny and Limerick to Waterford.
The Central Bank of Ireland is the regulator of all Financial Services firms in Ireland.
The Summit Finuas Network is focused on maintaining Ireland’s position as a top international Financial Services centre through ongoing investment in the development of the necessary skills and expertise. The network is led by a steering group, which includes member companies and financial services industry associations.
Ireland has published a new Strategy for the International Financial Services Industry which outlines ambitious targets for the development of the IFS industry in Ireland
Dublin is the main centre of Ireland’s Financial Services sector, where activity is focused around the Irish Financial Services Centre (IFSC). Established in 1987 by the Irish Government, the IFSC houses some of the world’s premier Financial Services institutions. A sophisticated support network including accountancy, legal actuarial, taxation, regulatory and telecommunications has grown up around it.
The IFSC is an integrated development offering world-class office accommodation, executive housing and restaurants, plus excellent shopping facilities. The development has expanded beyond its original site and has become a vital part of the wider Irish economy.
The National College of Ireland is located in the IFSC providing further education on-site to the financial professionals who work there.
Aviation and Ireland have a special relationship. Since the first transatlantic flight landed here in 1919 and GPA started an aircraft leasing business in the 1970’s, Ireland’s aviation offering has seen considerable growth and it now represents one of Ireland’s true economic success stories.
Today, Ireland is the global centre for aviation finance and aircraft leasing.
Today, Ireland is the global centre for aviation finance and aircraft leasing.
Ireland has a strong reputation and is a leading centre for aircraft leasing and finance, due to:
- Track record dating back to Guinness Peat Aviation (GPA) in the 1970s
- Deep, multi-disciplinary (technical, legal, financial) talent pool
- Favourable corporate tax regime with an extensive Taxation Treaty network.
- 12.5% corporate tax and Government commitment to sustain this rate
- 0% VAT on international aircraft leasing
- Availability of over 72 double taxation agreements
- On-shore location (member of the EU and OECD)
- Tax depreciation (Capital Allowances) for the cost of equipment and plant & machinery (which includes aircraft and aircraft engines) over 8 years
- Extensive range of exemptions provided for from withholding tax on interest and dividend payments and no withholding taxes on lease rentals
- No stamp duty on instruments transferring aircraft
- Irish Economic Recovery – increasing attractiveness of Ireland as a location for FDI
In 2014, AerCap acquired ILFC from AIG. AerCap paid AIG $3 billion in cash as well as a significant ownership position in AerCap's ordinary share capital. The acquisition brings AerCap’s fleet to over 1,300 aircraft, with a further 400 on order, making it the largest independent lessor in the world, and the second largest lessor in the world after GE Capital Aviation Services (GECAS). AerCap chose Ireland as its global operations headquarters and now has two offices (Shannon & Dublin) with over 120 staff in Ireland.
In 2012, a consortium led by Sumitomo Mitsui Banking Corporation (SMBC) established its global aviation business headquarters in Ireland (SMBC Aviation Capital) via the acquisition of RBS Aviation in a deal worth more than $7 billion.
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Read the latest press releases on Financial Services activity in Ireland
Dublin, Ireland: February 14, 2019 – S&P Global Ratings is pleased to announce the opening of its new European headquarters in Dublin. This milestone was celebrated at an opening ceremony today, attended by senior leaders from the organization and Martin Shanahan, CEO of IDA Ireland. Minister for Finance and Public Expenditure and Reform, Paschal Donohoe, TD, will officially inaugurate the new Dublin office at a formal reception this evening.
Hermes Investment Management has established an Irish domiciled management company, Hermes Fund Managers Ireland Limited (HFM Ireland) in response to the risks posed by Brexit as well as the firm’s broader strategic outlook and commercial expansion plans.
IDA Ireland today welcomed the announcement that Barclays has received regulatory approval from the Central Bank of Ireland for the bank’s enlarged Irish operation and the expansion of its licensed pan-European activity, encompassing corporate and investment banking, wealth management and card services.
Leading Australian travel insurer, World Nomads Group (WNG), today announced the launch of its European operations and headquarters in Cork to support its international expansion strategy. The new Cork-based operation will directly manage the company’s European travel insurance business with the establishment of a Managing General Agency (MGA) in Ireland.
The law firm confirmed earlier this year that it plans to build the Dublin office to ten partners with around 40 people in total over the next three years.
Mazars has officially opened its new Galway office and announced that it will create up to 30 new jobs over a three-year period, doubling the headcount of the office.
AXA XL announced that it has obtained authorisation in principle to move XL Insurance Company SE to Ireland from the UK in advance of March 29 2019 when the UK is due to leave the EU.
We explored a variety of cities across the EU, and Dublin was the clear choice. The Dublin team will compliment Coinbase operations in London and host a variety of new business-related functions, including roles for which we’re hiring right now.
Michael D’Arcy TD, Minister for Financial Services, formally announced the initial speaker line-up and themes for the 4th European Financial Forum.
EquiLend, a leading provider of trading, post-trade, market data and clearing services for the securities finance industry, today announces the opening of its office in Dublin to serve European clients following Brexit.
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it intends to open a new office in Dublin, Ireland, to continue providing an authorised regulatory reporting service for clients in the EU27 and the UK as the UK advances towards a departure from the European Union (EU) in March 2019. DTCC offers a Global Trade Repository (GTR) service for over-the-counter and exchange traded derivatives reporting – the largest trade repository in the world.
Intertrust Ireland has today announced that continued growth and additional service offerings have resulted in an opportunity to create up to 60 new jobs.
July 2nd 2018. Enniscorthy. INDOS Financial (Ireland) Limited, which commenced operations in Enniscorthy, Co. Wexford in December 2013, is expanding its operations centre in the town with a move to new premises and the creation of up to 15 new roles over the next two years. Headquartered in London since launching in 2012, INDOS has firmly established itself as the leading independent alternative investment fund depositary servicing over 115 funds across 70 clients.
IDA Ireland, the inward investment agency of the Irish Government has today reported a very strong first half of 2018.
Blockchain Ireland, a leading source of information on the Irish blockchain ecosystem, was launched today by the Irish Blockchain Expert Group (IBEG), led by IDA Ireland. The online platform will serve as the go-to source of information on the Irish blockchain ecosystem, assisting the promotion of Ireland as a blockchain centre of excellence.
IDA Ireland today welcomed the announcement that Arch Capital Group Ltd. [NASDAQ: ACGL] (Arch) plans to apply to the Central Bank to expand the group’s underwriting operations in Ireland to ensure continuity of its operations across the European Union (EU) once the United Kingdom leaves the EU, subject to Central Bank approval.
Darta Saving Life Assurance/Allianz Global Life, both part of the global Allianz Group, have announced they will contribute to €75 million to the Irish economy by its Irish operations over the next two years. This will see an increase in their combined work force by a quarter and an expansion into new offices in Dublin, serving more European Countries.
Dublin, 12th April 2018 – Mastercard has announced it will expand its presence in Ireland, hiring 175 new employees in Dublin focused on driving innovation and creating the future of payments around the world.
LONDON AND DUBLIN – Leading law firm Lewis Silkin LLP today announces the establishment of a new office in Dublin and the expansion of its role within Ius Laboris, the world’s leading employment law practice.
Deutsche Börse Group intends to grow its Cork presence to 600 employees, adding a further 200 jobs over next two years.
Expansion driven by product growth in Clearstream’s funds services, product innovation capacities to be added.
Aberdeen Standard Investments (ASI) is pleased to announce it intends to establish an investment and distribution business in Dublin, Ireland.
Dublin, Wednesday, 31st January 2018 – An Taoiseach Leo Varadkar TD, today opened the European Financial Forum at Dublin Castle marking the third year of the Forum bringing together international and Irish financial industry leaders from banking, finance, insurance, regulation, fintech and asset management to discuss the pressing issues surrounding European finance.
19,851 Jobs Created in FDI companies – third consecutive year of strong growth under current strategy
1st December 2017, Dublin- SANNE has today announced that it plans to grow its presence in Dublin by developing a fully integrated client services offering that includes fund administration, financial reporting, company secretarial and management support services. Given this new development it is expected SANNE’s Irish operation will continue to grow in size and mean a focus on new recruitment from within the local Dublin employment market. The company which is based in Dublin has the capacity to accommodate 100 executives with recruitment already underway.
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