Removal of banking levy would fuel financial services sector, lobby says

Ireland risks missing out on the possibility of increasing growth and employment in the financial services sector, a lobby for the sector has warned.

Financial Services Ireland (FSI) said Ireland has untapped potential that could be harnessed by focusing on a number of key areas.

Its proposals include the abolition of the banking levy to encourage competition, and developing a robust talent pipeline in sustainable finance, addressing skills gaps through collaboration across third-level institutions, and a mixture of alternative access routes, on-the-job learning, and peer learning.

The group is also backing the improvement of infrastructure such as housing and transport to attract workers and making it a more attractive environment for families by allocating resources to education and childcare systems.

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It has also pledged to continue supporting the Women in Finance Charter, and encouraging a more diverse workforce.

“The financial services industry contributes approximately €18.2 billion to Irish GDP every year, along with €2.7 billion of corporation tax. It employs over 103,500 people, across all of Ireland, with an additional 20,000 employed in auxiliary services that support the sector,” said FSI director Patricia Callan.

“The sector is continuing to grow but its success cannot be taken for granted. We have set out a series of measures that will help to increase the talent pipeline, enhance our competitiveness, and support firms of all sizes to boost innovation.”

Ms Callan said the proposals would help to make Ireland a centre of excellence in sustainable finance.

“[It is] an area that has enormous growth potential given the scale of the contribution that financial services will make in funding the transition to net zero.”

The proposals are the result of FSI’s engagement with 160 member firms across banking, insurance and reinsurance, and aircraft leasing and digital finance.

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