Ireland has a worldwide reputation as a significant financial centre for international banking, funds and insurance. The country’s international financial services sector has witnessed dramatic growth and phenomenal success in recent times. Half of the world’s top 50 banks, including Citigroup, JP Morgan, BNP Paribas, Depfa and Merrill Lynch are now located in Ireland. Over 450 international financial services companies operate within Dublin’s
International Financial Services Centre, and a number are also regionally deployed throughout the country.
In addition, Enterprise Ireland has developed a grouping of more than 100 Irish companies providing technology and other associated support services across front, middle and back office operations to the sector. Complementing these companies are a growing number of indigenous financial services organisations such as AIB Bank, Bank of Ireland, Anglo Irish Bank, IIB, EBS, Fexco, Irish Life & Permanent, Quinn Insurance, FBD, VHI, Vivas, Abbey Capital and Quintillion.
Key Sector Characteristics
- Projections for the value of fund assets under administration show growth of $1.6 trillion to $6.9 trillion by 2015 (Price Waterhouse)
- Ireland has the largest exchange for funds listing in the world and is a leader in the global market for alternative investments
- Ireland ranks second in Europe for money market funds (assets of $104.2 billion in September 2006)
- Ireland is the number one centre for cross-border life insurance in Europe
Growth Areas
Enterprise Ireland has identified the following areas as presenting growth opportunities over the next five years.
- Funds: middle and back office administration, funds management and outsourcing services
- Insurance: insurance underwriting, intermediaries and specialist services
- Payments: multicurrency payment systems, remittances and services
- Capital markets: operational risk, network management and data services, business activity monitoring and custodial services
In Australia / New Zealand
The delivery of software solutions into the ANZ region accounts for more than 50% of the total exports from Ireland and exceeds some A$200m per annum.
Irish companies have demonstrated particular capability in the implementation of solutions that address Anti-Money Laundering & Counter Terrorism (Norkom), claims processing across the insurance sector (Fineos), strong authentication in online environments (Validsoft) and corporate action and custody solutions for the investor services sector (Information Mosaic) to name but a few.
For further details of all Irish companies providing services to the ANZ financial sector, please click here.