Press release: Irish Funds Industry worth €837M to the Irish Exchequer9 May 2019
- 16,000 people employed across the sector
- New Report Assesses Economic Impact of the Funds Industry on the Irish Economy
09 May 2019, Dublin, Ireland: Indecon, the independent economic research organisation, has today published a report which found that the funds industry in Ireland contributes €837 million annually in direct taxes to the exchequer, with 16,000 people now directly employed in the funds sector across the country.
Indecon’s Economic Impact Assessment report launched today by the Minister for Financial Services, Michael D’Arcy and Pat Lardner, CEO of Irish Funds, found that the growth in the sector brings with it a €14 billion contribution to economic output 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 findings, Pat Lardner, CEO of Irish Funds, said: “We are very pleased with the findings of the Indecon report and welcome that there are now 16,000 people across Ireland directly employed in the funds sector and that it is contributing €837 million in taxes annually directly to the exchequer.
“At the same time that we are 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. We will 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.”
Launching the report, Minister of State, Michael D’Arcy said: “The funds industry is a vital sector in our overall international financial services sector. The ecosystem for funds has been built up over 30 years and now represents a recognised global centre of excellence. Today’s assessment, which was completed by Indecon, is a welcome addition to the information and research on the investment funds industry in Ireland, which we will strive to continue to grow and diversify through the “Ireland for Finance” strategy.”
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;
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Notes to Editor
About Irish Funds
The Irish Funds Industry Association (Irish Funds) is the representative body for the international investment fund community in Ireland. Founded in 1991, Irish Funds represents fund managers, depositaries, administrators, transfer agents, professional advisory firms and other specialist firms involved in the international fund services industry in Ireland.
Irish Funds’ more than 140 members service or manage in excess of 13,500 funds with a net asset value of €4.2 trillion. Irish Funds objective is to support and complement the development of the international funds industry in Ireland, ensuring Ireland continues to be a location of choice for the domiciling and servicing of investment funds.
Ireland is also a leading European domicile for money market funds and exchange traded funds, as well as the world’s premier jurisdiction for the stock exchange listing of investment funds. International investment managers are attracted to Ireland due to its open, transparent and regulated investment environment and its strong emphasis on investor protection.
For further information about Irish Funds, please visit www.irishfunds.ie