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.
IDA Ireland has today announced that it will be partnering with Science Gallery International to bring an innovative exhibition, PORTALS, to the World Economic Forum Annual Meeting taking place in Davos next week. PORTALS was curated collaboratively by Science Gallery International and the World Economic Forum, and features four immersive gateways that invite participants into wholly different realities and ways of experiencing the world.
Craigavon, N.I., 18 January 2018 – Almac Group, the global contract pharmaceutical development and manufacturing organisation, today confirmed the successful completion of Health Products Regulatory Authority (HPRA) inspections of Almac Clinical Services Ireland and Almac Pharma Services Ireland at its European campus in Dundalk, Ireland.
SLIGO, January 16th, 2017 – AbbVie (NYSE: ABBV), a global research and development-based biopharmaceutical company, today announced an expansion of its manufacturing facility in Sligo to support the growth of its Oncology pipeline.
Jaguar Land Rover has selected Shannon as it is globally recognised as a centre of excellence for current and future software engineering talent.
January 10, 2018: An initiative by The Bar of Ireland supported by the IDA and the legal community was launched by the Minister for Justice and Equality, Charlie Flanagan, today (Wednesday) seeking to promote Ireland as a leading centre globally for international legal services.
IDA Ireland, the Irish Government agency responsible for attracting foreign direct investment to Ireland, has today confirmed it has selected Three Park Place on Upper Hatch Street in Dublin 2 as its preferred option for its new Global Headquarters.
19,851 Jobs Created in FDI companies – third consecutive year of strong growth under current strategy
December 19, 2017 (Lismeehan, County Clare) Beckman Coulter, which develops, manufactures and markets products that simplify, automate and innovate complex biomedical testing, is expanding the company’s development and manufacturing facility at Lismeehan, County Clare, creating 70 jobs over the next two to three years.
December 15 2017 Dundalk. National Pen, a leading global provider of personalised marketing merchandise, is celebrating its 30th anniversary in Dundalk.
The expansion, creating 250 jobs, is supported by the Irish Government through IDA Ireland.
The company established its’ International Headquarters in Dundalk in 1987, comprising a manufacturing plant which personalises promotional products, and a contact centre which supports corporate functions including Finance, HR, Recruitment, IT, E-commerce and other support functions.
Pluralsight, the enterprise technology learning company, today announced plans to open a new EMEA headquarters in Dublin in early 2018. The Dublin office will house the company’s strategic business operations for the region and support its growing customer base in Ireland and throughout Europe, Middle East and Africa.
Dublin, Ireland, 11 December, 2017: Huawei, the global ICT leader, today announced a new research partnership with Trinity College Dublin as part of its growing R&D footprint in Ireland. At an event at Trinity College Dublin, Guo Ping, Huawei Deputy Chairman & Rotating CEO, also announced the expansion of the company’s Cork R&D operation, which is growing from a small team to nearly 20 highly-skilled staff.
Antares Vision, the leading Italian inspection systems, track & trace and smart data management solutions provider for the most demanding sectors including pharmaceutical, medical devices, cosmetics, food & beverage, today announced it is to establish a Software Development Centre in Galway, creating 53 jobs in 5 years in Computer Vision and Artificial Intelligence
Keeper Security, Inc., the world’s leading password manager and secure digital vault, today announced the opening of its first European office at 9 Parliament St., Cork T12 NY99, Ireland. The office will provide local management, enterprise sales and engineering support for Keeper’s growing EMEA business customer base.
The new office in Cork will staff 50 employees over the next 2 years. This team will include a Sales Director, Office Manager, Training and Pre-Sales Engineer, and Sales Representatives to support the UK, Ireland, Northern Europe, France, Germany, Austria, Switzerland, Italy and the Middle East.
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.
DUBLIN, November 30 2017 – Equifax Inc., a global information solutions company headquarted in Atlanta, Ga., announced today the creation of 150 new jobs in Dublin over the next 12 months, bringing its total Irish workforce to more than 350. Minister of State for Trade, Employment, Business, EU Digital Single Market and Data Protection Pat Breen T.D, Mark Rohrwasser, Interim Chief Information Officer at Equifax, and Paul O’Dwyer, IT Development Centre Leader met to discuss the expansion.
Minister of State for Employment and Small Business, Pat Breen TD today announced that UK speciality pharmaceutical services company Wasdell Group is to establish a pharmaceutical packaging, testing and distribution facility in Dundalk, creating 300 jobs over five years.
Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD today announced that Md7 is to significantly increase its size by adding 40 new jobs at its International HQ in Dublin. Md7 is a turnkey site development and real estate optimization company serving the telecommunications industry since 2003.
24 November 2017 – IDA Ireland and Minister of State at the Department of Finance Michael D’Arcy TD today welcomed the news that UK regulated marine liability insurers The Standard Club and North P&I Club have chosen Dublin for their EU subsidiaries as a direct result of Brexit, subject to regulatory approval.
An Tanaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald T.D., and YapStone, a leading global payments company founded in Silicon Valley, today announced it will invest $48 million (€41 million) in the creation of 200 new tech jobs, at its International Headquarters in Drogheda, Co. Louth, Ireland.
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