Our recent Building a Better Financial Services Ireland Report outlines a roadmap for growth in Ireland’s financial services sector, projecting a potential 26% increase by 2028 if key advantages are harnessed. Colin Ryan, Financial Services Managing Partner at EY Ireland, shares insights from the report and recommendations for achieving this vision.

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Key Findings and Recommendations

Ireland’s financial services sector currently employs over 120,000 people across 8,800 companies and contributes €6.8 billion annually in tax revenues. EY’s report, Building a Better Financial Services Ireland: Accelerate to Elevate, suggests that with bold policy decisions and strategic actions, the sector can grow significantly:

• Employment Growth: A projected increase of 34%, adding 30,000 jobs beyond the baseline projection.
• Economic Impact: Strengthening Ireland’s position as a global financial services hub.

Strategic Areas for Development

The report highlights five core areas for transformation:

1. Technological Infrastructure: Investing in cutting-edge technology to drive innovation and efficiency.
2. Talent: Attracting and retaining world-class professionals to meet growing demands.
3. International Trade: Expanding Ireland’s global reach in financial services.
4. Regulatory and Legal Framework: Ensuring a business-friendly environment with robust compliance standards.
5. Macroeconomic Fundamentals: Strengthening economic policies to support long-term growth.