IRELAND WAS RANKED the sixth largest exporter of financial services in the world in 2021, United Nations trade and development figures show.
Despite ongoing geographic tensions and macroeconomic uncertainty, a new report published today by the Federation of International Banks in Ireland (FIBI) shows Ireland’s international banking and investment firm sector continues to grow.
Employment in FIBI firms jumped by 16% between 2019 and 2022.
65% of FIBI member firms expect to increase employee numbers this year, with a further 80% reporting they expect activity in their Irish operations to increase in the coming year, according to the report.
The report outlined that the latest UN trade and development figures show that Ireland was ranked the sixth largest exporter of financial services in the world in 2021, up from eighth a year earlier.
Ireland hosts 17 of the world’s top 20 global banks, the report noted.
“Our latest FIBI report reveals a sector which continues to grow consistently, adding significant value, widely recognised and respected as a key cornerstone of the Irish economy,” Fernando Vicario, chair of FIBI and CEO of Bank of America Europe DAC and country executive for Ireland, said.
“The exceptional performance of the sector in recent years as well as the positive outlook reported by FIBI members looking to the future is all the more notable in the context of the challenges posed by the ongoing geopolitical tensions, mounting macroeconomic pressures and the steady COVID-19 pandemic recovery,” Vicario said.
“Indeed, despite recent global uncertainty, the international banking sector in Ireland remains robust and FIBI members are confident of continued growth in the coming months.”
Brian Hayes, executive director of Banking and Payments Federation Ireland stated: “As highlighted directly by FIBI member company CEOs within the latest report, Ireland has many advantages to offer international banks and investment firms, including its status as the only English-speaking country with a common law tradition in the Eurozone, its firmly pro-business culture and internationally recognised regulatory standards.
“Ireland’s economic and political stability, and in particular, its response to the global financial crisis, continue to be key components of its compelling proposition to the sector.”
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