Russell Bryce Ireland now the 8th largest exporter of financial services in the world and financial corporations account for almost a quarter of corporate tax receipts – new FIBI Report
International financial services support Ireland with over 46,000 jobs and €1.4 billion in direct spend in the economy A new report into Ireland’s international banking sector shows that Ireland is now the eighth largest exporter of financial services in the world and is the fifth largest exporter of financial services in Europe. Its contribution to Ireland’s corporate tax receipts has also jumped significantly with financial corporations alone, accounting for almost a quarter of Ireland’s corporation tax in 2019.
Business Journalist
Ireland is the fifth largest exporter of financial services in Europe, according to a new report on the contribution of international banking to the economy here.
The report was carried out by the Banking and Payments Federation Ireland in conjunction with its affiliate, the Federation of International Banks in Ireland (FIBI).
It concludes that financial corporations accounted for around a quarter of total corporation tax receipts in 2019, up from just under a fifth in 2011.
They paid close to €2.5 billion of the total €10.9 billion paid under that heading last year.
International financial firms employ over 46,000 people here.
The financial services sector stands to benefit further from an influx of more banking operations and assets as the end of the Brexit transition period approaches in the coming weeks.
3,000 jobs in pipeline due to new finance law Independent.ie 18/12/2020 John Mulligan
An extra 3,000 jobs could be created in Ireland’s fund industry by 2025 after a new financial services bill comes into law, it has been predicted.
Irish Funds, which represents 140 members with $4.9 trillion (€4 trillion) of funds under their umbrella, said the new legislation could attract up to €20bn a year in global private capital to Ireland.
The Investment Limited Partnerships (Amendment) Bill, which has just been passed in the Dáil, should enable companies here to expand their private equity, infrastructure, renewables and property finance offerings.
“This is game-changing in terms of Ireland’s global competitiveness and will enable and drive new business and opportunities, as well as retain business which has previously been lost overseas,” said Pat Lardner, the chief executive of Irish Funds.
Housing supply not expected to match demand until at least the end of 2023
Written by Robert McHugh, on 10th Dec 2020. Posted in Property
The latest Housing Market Monitor published this week by Banking & Payments Federation Ireland (BPFI) shows that housing supply is feeling the impact of Covid-19 disruptions and won’t match demand until at least the end of 2023.
With a decline in both completions and commencements of new builds this year due the current pandemic the supply of housing stock in the year ahead will now fall well short of expected current and pent up demand.
BPFI warn that despite the better than expected recovery in the construction industry following the impact of the severe Covid-19 restrictions earlier this year, the completion of new housing supply will not only be lower than expected in 2020 but the shortfall in the commencement of new units this year will create a knock-on effect into next year and beyond:
Property market 2020: Pandemic fallout creates perfect storm Covid-19 worsens housing shortage, fuels demand from cash-rich buyers and returning emigrants
Thu, Dec 10, 2020, 06:00
Clearly 2020 will be remembered as a year like no other and Covid-19 will leave an indelible mark. What is most surprising is that there have been some positives for the residential property sector in all of this, and at worst the challenges facing the industry are largely the same as the ones that were there at the start of the year.
A positive takeaway will be a streamlining of the way property is transacted. Overnight the industry was forced to drive much of its business online. While some early structures were in place to facilitate remote viewing of properties nothing could prepare the industry for an entire shift overnight to online viewing appointments via Zoom, Facebook etc.