In these uncertain times with the economic impact of the Covid-19 pandemic and Brexit on the European and Irish economy, this publication outlines the potential Ireland has as a great location for financial services in the larger context of Europe’s changing landscape.
Dublin, like Frankfurt, is a growing financial services centre. More than 430 Financial Services institutions are currently operating from Ireland – 20 of those among the Top 25 Global players indicating the importance of Ireland in this sector on a larger scale.
The financial services sector is very important for Ireland and Germany, but also for the EU. Ireland’s comparatively high GDP can be partially attributed to foreign investments. Mary Campbell of Deutsche Bank outlines another reason in her article: a large number of US companies set up their EU headquarters in Ireland as the last EU country with English as a native tongue.
Additionally, many companies that previously only operated from the UK now also make a shift toward Ireland in order not to lose the connection to the EU. The focus of Ireland’s financial sector remains on the EU however, as proven by Minister of Finance Paschal Donohoe’s position as president of the Eurogroup and his efforts toward EU-level action on sustainable finance.
The newly implemented EU Anti-Tax Avoidance Directive as outlined by Orlaith Kane and Adam Lacey of Arthur Cox in their article is yet another indicator of Ireland’s emphasis on their own financial services sector as well as the EU as a whole.
The results, opportunities, and significance of the above-mentioned points are reflected in this publication, within the aforementioned articles by our esteemed contributors.
Articles:
Ireland's Sustainable Finance Agenda
Ireland's coming of age as a European financial centre
The Finance Bill 2021: Ireland's approach to the implementation of the Interest Limitation Rules pursuant to the EU Anti-Tax Avoidance Directive
Germany & Ireland: Leading centres of finance aligned for future cooperation