By Paul Sweetman, Director Financial Services Ireland
Ireland is now the 4th largest exporter of financial services in the EU. We service over €4.2 trillion worth of assets under administration. 11 of the top 15 insurance companies have a presence in Ireland, 17 of the top 20 global banks are based here and 14 of the top 15 global aircraft lessors operate from Ireland. The industry here employs over 70,000 people.
This is no accident. These impressive figures represent hard work, a pursuit of excellence, high-calibre global leadership, deep generational talent and, a competitive drive to succeed for customers and clients. However, Ireland is not alone. Despite these impressive figures, we find ourselves at a crossroads with further untapped potential.
According to the Global Financial Centres Index, Dublin is ranked 38th globally as a financial services centre. The World Economic Forum’s Global Competitiveness Index ranks Ireland 37th on its Financial Systems Pillar.
As part of a renewed drive for the decade ahead, Financial Services Ireland (FSI) has set a new objective that by 2025, Ireland will be a top 20 global financial services centre. Success would represent an almost 50% improvement on where we stand right now.
How do we get there? To underpin our principle objective - to be a top 20 global financial services centre by 2025 - FSI has identified five goals we must achieve:
Goal 1: Ireland is the strongest business environment and best location to tackle future challenges for the sector.
Goal 2: We are the preeminent global location for diversity, inclusion and culture.
Goal 3: Ireland is a global leader for talent, skills and cultivating apprenticeships in financial services companies.
Goal 4: We are a world-class location for sustainable finance.
Goal 5: Ireland is the global centre for technology and financial services integration, innovation and leadership.
Pictured is Paul Sweetman, Director of Financial Services Ireland, the Ibec group that represents the sector, and Michael D'Arcy TD, Minister of State at the Department of Finance and the Department of Public Expenditure and Reform.