Written by: Katherine Fitzpatrick, Director of International Relations
Funds Industry worth €837m to the Irish Exchequer
New Report Assesses Economic Impact of the Funds Industry on the Irish Economy
A new Irish Funds economic impact study, presented this week to the Cork Financial Services Forum, reveals Cork’s ranking within the national funds industry.
The report by Indecon found that there are 1,346 full time employees working within the funds industry in Cork. The funds industry in Ireland contributes €837 million annually in direct taxes to the Exchequer, with 16,000 people now directly employed in the sector across the country.
The report found that activity and growth in the sector contributes €14 billion to economic output nationally, which is being dispersed in communities across Ireland. The independent report focused on the profile and contribution of the investment funds industry to the Irish economy.
Commenting on the report, Eoin Motherway, Chair of Cork’s Financial Services Forum said: “The Indecon report highlights the strength of Cork’s funds industry. We have a very strong international financial services cluster here already, with a depth and breadth of companies operating in this sector that cannot be found in any other regional location in Ireland. Recent jobs and growth announcements from companies such as Alter Domus, Clearstream and Rimes demonstrate industry confidence in Cork and we are working towards a target of securing 5,000 jobs in international financial services across the South-West by 2025.
Cork has the largest cross-sector of IFS firms and disciplines in the country, outside of Dublin and we will continue our work in promoting this sector on the international stage under Cork Chamber’s ‘Connecting Cork’ initiative.”
Pat Lardner, CEO of Irish Funds, said: “We are very pleased with the findings of the Indecon report and welcome the fact that there are now 1,346 full time employees in Cork alone. We are proud to play a part in offering people who want to live and work in Cork this type of employment.”
“As well as enabling global savings and enhancing Ireland’s reputation as a destination for knowledge-based industries, we are making a tangible contribution to the State in cities and towns across Ireland. This has been a 30-year journey and one we want to build on. If we can grow the industry in Ireland, we see no reason why we would not be looking at direct employment closer to 20,000 and a tax contribution of €1 billion annually.
“We should not forget however that we operate in a highly competitive global market – while we have earned the right to compete and serve our customers, we should never take this for granted. Organisations such as Irish Funds and Cork Chamber must continue to work on behalf of our members, with Government, its Departments and Agencies, and our public elected representatives to build on this contribution to communities across Ireland.”
Other key findings from the report include:
Almost 33,000 total employment impact across the country;
150+ companies directly employing over 16,000 people in ten different counties;
Regional employment opportunities across a significant number of our major cities and towns;