| Net growth in International Financial Services jobs of 5.6% in 2021 in Ireland, according to IFS Action Plan 2022 published by the Government |
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| February 3rd 2022: Employment in international financial services grew by 5.6 per cent in net terms, to a new record of 52,800 jobs, figures contained in the 'Ireland for Finance' Action Plan for 2022, published by the Department of Finance. Sean Fleming TD, Minister of State with responsibility for Financial Services said this satisfactory result reflected an overall growth pattern that was overcoming tech-linked job losses in the sector and was resulting in net employment increases that were resulting in higher remunerated employment that was widely distributed across the regions of the state. |
Speaking in an interview with Finance Dublin coinciding with the publication of the Action Plan, Minister Fleming said that the figures represented a satisfactory achievement in line with the original targets envisaged in the Ireland for Finance Strategy which covers a five year span from 2019 to 2025.
Job numbers in International Financial Services estimated in the annual employment surveys conducted by the enterprise agencies show that net employment grew by 2,800 in the 12 monthis ending in December 2021, compared with the total of 50,000 at the end of 2020. "This is a testimony to the importance of the sector to our economy", the Minister said.
He said that there would be a review of the strategy overall in the coming months, and by mid year, a revised appraisal strategy would be published. "2022 is the mid point of the life of the Ireland for Finance strategy, and it is a timely point to refresh the strategy and ensure that our key priorities are properly reflected for the remainder of the life of the strategy."
"At the Ireland for Finance Joint Committee in December 2021, I informed the members that I will conduct a focused consultation with the key stakeholders and prepare a refreshed strategy to bring to Government for approval early in 2022", he said.
The 2022 Action Plan document outlines numerous State Action targets under five Themes: 1) 'Sustainable Finance' (an area that is prioritised, with emphasis, the Minister said, on developing the substantial energy resources off Ireland's Western and Southern coasts; 2) Fintech and digital Finance, to include 'insuretech' and 'instech', 3) Diversity and Talent, with detailed mention of numerous initiatives on the educational and inclusivity fronts; 4) Regionalisation and Promotion, and Theme 5) 'Operating Environment'.
Amongst the measures detailed under the 'Operating Environment' Theme it says that the Central Bank is establishing a new Industry Forum, chaired by the Governor of the Central Bank, Gabriel Makhlouf, "which will meet twice each year, focussing on cross sectoral strategic issues relating to the financial system". It also says that the Central Bank will establish 'a facility to discuss sector-specific issues'.
Detailed analysis of the 2022 Action Plan will be published in forthcoming issues of Finance Dublin, and the 2022 Finance Dublin Yearbook. |
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