Ireland is the seventh largest provider of wholesale Financial Services in the EU. With more than 500 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 35,000 people and contribute €2bn 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 insurance, banking and fund management. 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 Irish Financial Services Regulatory Authority (IFSRA) is the regulator of all Financial Services firms in Ireland. It is a distinct component of the Central Bank and Financial Services Authority of 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.
The industry in Ireland currently employs more than 1,200 people both directly through the leasing companies, and indirectly through legal, tax, audit and other professional services linked directly with the industry.
Irish lessors manage more than €100 billion in assets
- This equates to approx. 22% of the global fleet of aircraft and over 40% of the world’s fleet of leased aircraft.
Ireland has 14 of the top 15 lessors by fleet size;
Activities spanning the industry value chain, including sales and re-marketing, asset management, technical services and oversight, securitization, accounting and legal.
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.
Explore the current business landscape in Ireland and see what's happening on the ground now.
Everest Insurance Ireland, dac (EIID), enables the Company to operate throughout the European Union (EU) under a single regulatory framework.
Martin Shanahan, CEO of IDA Ireland said: “This has been a fantastic week for job creation in IDA client companies with 1000 jobs announced across a variety of sectors In Limerick, Cork and Dublin.”
NEW YORK and DUBLIN (September 20, 2017) – Kroll Bond Rating Agency (KBRA) announced today its expansion into Europe with the opening of its European Headquarters in Dublin. The move is expected to create 100 new jobs over the next three years.
Dublin, 19th September 2017 – An Taoiseach Leo Varadkar and Tánaiste Frances Fitzgerald, along with IDA Ireland today welcomed the announcement by XL Group that it has selected Dublin as its preferred location for its principal European Union (“EU”) insurance company, XL Insurance Company SE (“XLICSE”), subject to certain regulatory approvals, following the UK’s decision to depart from the EU.
Today An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD joined Bill Graebel, CEO of Graebel Companies Inc., to announce the official opening of the company’s newly established Europe Middle East and Africa (EMEA) Financial Shared Services and Operations Centre in Dundalk and the creation of 125 new jobs within the next three years. Recruitment is already underway.
Following a meeting between Taoiseach Leo Varadkar and senior bank executives in Toronto yesterday, TD Securities confirmed that it will be expanding its operations in Ireland and, subject to regulatory approval, plans to establish a bond trading business there. The Dublin expansion is part of its growth strategy in Europe and will afford TD Securities the flexibility to meet the evolving needs of clients and respond to the changing business environment as a result of Brexit.
Ireland may not be the first country that comes to mind in aviation, but it certainly has a strong impact now in how the industry is run.
IDA Ireland has today confirmed significant investments in the financial services sector in the first half of 2017. Over 15 global financial institutions have announced their intentions to set up or expand their operations in Ireland since January.
IDA Ireland today welcomes Bank of America confirmation that it has chosen Dublin as the preferred location for its principal EU legal entities following the UK’s departure from the EU.
IDA Ireland today welcomed the announcement by Citi that Dublin has been chosen as one of a number of European locations for expansion as part of its Brexit response.
IDA Ireland notes Barclays announcement today that the bank plans to use their licensed EU subsidiary to allow them to continue passported activity post-Brexit.
Martin Shanahan, CEO of IDA Ireland, today welcomed the announcement that Beazley plc is to establish a European insurance company in Dublin.
The company, which is an IDA Ireland client, will increase its European business from its Irish base. In order to expand its access to EU markets, Beazley plc has been granted a European insurance licence for its existing reinsurance company in Dublin. The new Insurance entity will provide specialty insurance products including professional indemnity, management liability and cyber.
Today’s Ireland is in expansive mode, with an economy
that regularly ranks among the fastest-growing in the
world. Our place in the global International Financial
Services Sector is strongly-established. Our place in the
EU and the Eurozone is central to the success of our open,
Chaucer, the specialist insurance group, today announces that the Central Bank of Ireland has approved the formation of a Dublin-based company that will trade under the name of Chaucer Dublin (incorporated in Ireland as Chaucer Insurance Company DAC) to write international specialty insurance and reinsurance business.
IDA Ireland today welcomed Grant Thornton’s announcement that it is to create 250 new jobs across all areas of its business operations in Ireland. A significant number of the new posts will be in its Centre of Excellence, which provides a new framework for the delivery of global compliance and reporting services, from its base in Ireland.
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