The International Financial Services Centre (IFSC) was set up in 1987 and two years later the first insurance licence was authorised by the regulatory authorities. From its early inception both the financial services in Ireland and the re/insurance market has grown to become one of 11 global leaders as a financial centre (GFCI14) .
The drivers behind the success of IFSC include access to multiple time zones for the US and Asia markets, a stable and strong support infrastructure, access and availability of an educated, English-speaking work-force and a responsive, flexible economy that adapts quickly to the changing environment.
Stats relating to the IFSC:
- 500+ firms, many of which are Fortune 100 companies;
- Total direct employment of c. 33,000;
- 10% of multinational employment in Ireland;
- Contributes 7.4% of Irish GDP;
- Contributes c. €2.1bn to the Irish Exchequer;
- Comprises 5% of all EU 28 cross-border financial services activity. Ireland is the seventh largest provider of wholesale financial services in the EU and accounts for 5.35% of wholesale financial services in the EU;
- Ireland is the largest provider of cross-border life insurance in the EU with premiums in excess of €16bn;
- Over €2.5trn of funds administered in Ireland.
The IFSC comprises the following sectors, which continue to adapt and innovate;
- Funds and asset management
- Insurance and reinsurance
- Aircraft leasing
- Payments and money transmission
- Corporate Treasury
- Technology and service providers
2013 marked the twenty fifth anniversary of financial services in Ireland and you can learn more about its formation, history and the breadth of expertise in IFSC by downloading the report here.