Published: 20/06/2016 The IFS sector in Ireland has grown from a standing start in the 1980s to become a key pillar of the Irish economy with firm foundations to support sustainable long-term growth. The sector comprises more than 400 companies, employing over 35,000 people and contributing over €2bn a year in tax. IFS companies based here include international banks, insurers, fund administrators, investment managers and aircraft lessors, who provide financial services to every major economy in the world. This vibrant sector currently spans 20 counties across a range of diverse activities, providing great careers. As well as employment, the sector also plays a key role in supporting local communities and contributing to education, the arts and cultural life. More than half of the IFS companies based in Ireland are internationally owned, with FDI playing a pivotal part in the sector’s development and growth. The fact that so many of these FDI companies operate outside Dublin means that their positive impact reaches practically every corner of Ireland. Facts about International Financial Services in Ireland - 250 of the world’s leading financial services firms, including half of the world's top 50 banks, have operations in Ireland
- Over €1.8 trillion of funds are administered from Ireland
- 35,700 jobs
- 10,000 jobs outside Dublin
- €2 bn in tax
- €2.3 bn in payroll
- 9 of the world’s top 10 aircraft leasors
- Ireland is the largest cross-border provider of Life Insurance in the EU
- More than 8 out of ten staff employed in IFS companies in Ireland have at least a BA qualification
- Dublin is a major global hub for fund administration, aircraft leasing, insurance and a range of wholesale banking activities
The IFSC Eco-System While close to 36,000 people are employed directly in the IFS sector, the benefits don’t stop there: the positive knock-on effects are very impressive. Professional Services: Around a quarter of the staff of the largest legal, accounting and advisory firms work with clients in the IFS industry. Technology & Outsourcing: Technical services and infrastructure are at the heart of IFS activities and outsourced service providers are often essential, especially during the early phase of a firm’s establishment in Ireland. Group Technology Centres: Ireland’s strength as an ICT centre of excellence has led many IFS firms to locate their technology facilities here, providing services to group companies across the world. Research and Development: Innovation is vital and many of the FDI IFS companies have taken advantage of incentives offered to locate R&D activity here. Irish Research Centres have benefitted in this respect. Already the majority of financial (FinTech) and regulatory (RegTech) R&D investment in Europe takes place in Ireland and the UK. One of the most significant initiatives is the Financial Services Governance Risk and Compliance Technology Centre (GRCTC) - an industry-led technology centre - hosted by UCC with NUI Galway and UCD as research partners. Industry members include many of the international financial institutions based here. The GRCTC is focused on conducting R&D to help solve the governance, risk and compliance problems facing IFS industry. IFSC - Exporting  What defines ‘the IFSC’ today is exporting. The clients of international financial services firms in Ireland are spread across the world, and use Ireland for everything from managing their pension funds, to financing and leasing aircraft.
The Top Five exporting IFSC (International Financial Service Companies) by sales are: - Hannover Re (Ireland) €1.9 billion (the third largest re-insurer in the world)
- AAReal Bank AG €1.65 billion (a leading provider of financing solutions and services, with a focus on the property industry)
- Citibank Europe plc €1.58 billion (It has a diversified product base covering 20 global and regional products)
- Depfa Bank €1.25 billion (a wholly owned subsidiary of the German state agency FMS Wertmanagement)
- Canada Life International €1.2 billion (life assurance company)
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