The growing importance of the financial services sector to the Irish economy is not as widely appreciated as it should be, according to PwC international tax partner, Colin Farrell. “As an industry, financial services has been slow at educating broader society in relation to its importance to Ireland,” he contends. “More than 250 of the world’s largest financial services players are here, including half of the world’s top 50 banks. Nine of the top 10 aircraft leasing companies are here while over 230 insurance companies operate in Ireland. Total assets under management for Irish-administered funds now exceeds €4 trillion and Ireland is the fourth largest exporter of financial services in the EU. The sector employs over 40,000 people directly and makes a contribution of over €2.1 billion to the exchequer in taxes every year.” And this activity is by no means confined to Dublin. “We have seen significant financial services hubs develop outside of Dublin as firms decentralise and set up operations around the country,” says Farrell. “This has provided a huge boost to cities like Limerick, Kilkenny, Galway and Cork, which have benefited from the creation of high-value, service-based employment. Of course, an industry hub has also existed in… Read full this story
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