Financial Services Opportunities in Ireland

Dublin has grown to become a favoured location for a range of internationally traded financial services. These include Banking, Asset Management, Corporate Treasury, Fund Administration and Custody, Asset Financing, Leasing, Management, Futures and Options Trading and International Insurance Operations.

The attraction of Ireland is its light but well regulated operating environment, and its 12 per cent corporation tax.

The IFSC is the financial services district in Dublin, set up in 1993, to create a clustering effect for banks and financial services companies. There are currently 15,000 people employed in the district, and it is expanding further into Docklands. The official website for the district is www.ifsc.ie.

Salaries in the Irish Financial Sector

Earnings in the Irish Financial Services sector are tracked by two organizations, Mercer www.imercer.com and the Irish Management Institute www.imi.ie.

The Mercer 2008 study is currently underway, but for 2007 it forecast salary increases across the board at 6 per cent and up to 8 per cent for particular skill sets. Growth has been driven by bonuses, commissions and other forms of remuneration, rather than base salaries. Broadly though Irish salaries do not compare favourably with the City of London, making it difficult to attract UK financial services employees here, unless they are making the move for other life-style reasons.

At the higher end of the scale the IMI reports that Chief Executives in Financial Services companies here are earning around €207,500. Head of divisions in finance and accounting are earning an average of €157,000. People heading up sales functions are earning €198,000 on average.

Financial Trade Bodies in Ireland

Financial Services Ireland (FSI) is the principal trade association for financial services in Ireland at www.fsi.ie.

The Irish Bankers Federation (IBF) represents the banking and financial services sector. Membership comprises over 60 financial institutions, comprising licensed domestic and foreign banks and institutions operating in the Irish Financial Marketplace. See www.ibf.ie.