Ireland the eighth largest exporter of financial services; fifth in Europe – report
Ireland is the fifth largest exporter of financial services in Europe, according to a new report on the contribution of international banking to the economy here.
The report was carried out by the Banking and Payments Federation Ireland in conjunction with its affiliate, the Federation of International Banks in Ireland (FIBI).
It concludes that financial corporations accounted for around a quarter of total corporation tax receipts in 2019, up from just under a fifth in 2011.
They paid close to €2.5 billion of the total €10.9 billion paid under that heading last year.
International financial firms employ over 46,000 people here.
The financial services sector stands to benefit further from an influx of more banking operations and assets as the end of the Brexit transition period approaches in the coming weeks.
According to consulting firm EY in its latest Brexit Tracker published in October, Ireland – and Dublin in particular – remains the most popular destination for new hubs for UK based financial services firms with assets worth over £1.2 trillion belonging to EU customers being moved out of London.
Companies have been hiring for more than 2,800 new roles in Europe since Britain voted to leave the EU in 2016, according to EY’s tracker.
Data from UNCTAD (United Nations Conference on Trade and Development) points to Ireland already benefiting from this shift with the value of financial exports from Ireland rising to almost €16.9 billion last year.
Ireland was the eighth largest exporter of financial services in the world, according to its listings.
“Our international banking sector here in Ireland is a growing force in Ireland’s economic landscape, making a contribution which is visible across all domestic economic indicators including output, exports, tax contribution and employment. It’s a huge contributor to our economy and this report documents the extent of the contribution,” Derek Kehoe, Chair of FIBI said.