The 2023 Finance Dublin Deals of the Year Awards provide a showcase of Ireland’s thriving dealmaking eco-system, with innovation and dealmaking expertise evident across the 42 winning deals, profiled in this Report. The awards recognise the contribution dealmaking is providing for economic solutions in the domestic economy, such as in numerous areas in housing, healthcare, and innovating business solutions in the SME sector. As ever the awards also recognise the continuing development of the expertise of the financial and legal and professional services industry. The winning deals include major infrastructural and sustainable projects, while the jurisdiction’s status as a global legal centre for corporate law cases has been further enhanced with the addition to the Irish corporate deals canon of a number of landmark transactions and restructurings.

Key Findings in the 2023 Survey of Ireland's Top Accountancy Firm.

There is strong expectation that deals between private equity players will increase in the Irish market in coming months and years ahead, writes Ogier’s Oisín McLoughlin. Depending on the type of business being sold and also the motivation of the vendors, it can be clear from the outset what type of sales process will be run. He writes it is likely in the months ahead the Irish market will see a mix of more discrete bilateral process deals as owner managers look for certainty in closing deals, and more open ‘auction’ type deals in an attempt to drive up the value achieved for sellers.

Editorial on the 2023 Budget: Finance Dublin, October 2022

The Finance Dublin Annual Accountancy Survey shows a return to robust fee income growth in 2021 for Ireland’s leading accountancy firms, bouncing back strongly from the COVID 19-induced slowdown in 2020. The figures for this year’s survey show Republic of Ireland fee income rose by 12 per cent in 2021, compared with just 1% in 2020.

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.

8th October 2021: In a statement welcoming the global tax deal agreed by 160 countries, Ireland's position was copperfastened today with a finalised proposal to be ratified later this month by 136 countries in the OECD Inclusive Framework on BEPS. The Irish Goverment's position is set out in a press conference by Minister Paschal Donohoe yesterday, and streamed here: https://twitter.com/IRLDeptFinance

January 27th 2021: Alter Domus has announced it is creating 100 extra jobs on the back of continuing expansion of its European Centre of Excellence in Cork as demand for cross-border fund administration and asset servicing grows. Taoiseach Micheal Martin, welcoming the move, said "there will be even greater opportunities in the Financial Services sector in years to come and the innovative graduate development paths provided by Alter Domus will help ensure future growth". The Tanaiste Leo Varadkar said "I warmly welcome this further expansion of Alter Domus in Cork, which will create 100 new highly-skilled roles over the next year, on top of the 80 created last year. I am particularly pleased to see the company will continue the partnerships it has established with local third-level institutions".

June 9th: Avolon Holdings Limited, the aircraft leasing company, today announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission for the proposed initial public offering of its common shares. The IPO has been mooted by Avolon since the beginning of this year, and, following the recent decision of Dublin-based AWAS not to follow the same route, the way has become clear for it to become the fifth major aircraft leasing company to obtain a public stock quotation in the US.

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.

January issue Interview: the Minister of State responsible for Financial Services, Sean Fleming TD, on his priorities, and how he sees the evolution of the Government's Ireland for Finance strategy.

7th October 2020: The EU Parliament approved the appointment of Mairead McGuinness as Commissioner and Executive Vice-President Valdis Dombrovskis’s change of portfolio, today. The recommendation goes for final approval by the EU Council. "I expect to hit the ground running early next week", McGuinness said.

August 11th, 2020: State Street and Rethink Ireland have awarded €1.5 million from the Ability to Work Fund to four not-for-profit organisations who are helping develop the talents and skills of Ireland's forgotten workforce, giving employment opportunities to those living with a disability.

18 March 2020 1600 hrs: The Central Bank has cut its systemic capital buffer by 1% (of the risk exposures of banks), freeing up significant flows of funds in the coming days. The measure comes as the Minister for Finance Paschal Donohoe met banking chiefs this afternoon to discuss the move. (For background on the CounterCyclical Risk Buffer, which was put in place last year, see this article and this article in Finance Dublin published in the July and August 2019 editions respectively).

26th November 2019: Legal & General Investment Managers (LGIM) , which became the first fund manager to receive a Brexit-related Super Manco authorisation from the Central Bank of Ireland in May 2018, has emphasised its group wide commitment to become an industry leader in tackling the challenge of climate change. Speaking to Finance Dublin ahead of the client briefing, L&G group Chief Investment Officer Sonja Laud described a change in mindset on climate change that was needed for asset managers to comprehend.

October 31st 2019: The Bill will set rules for the limits and nature of senior executive accountability in banking, insurance, and parts of the asset management sector, and legislation is promised to be developed during the course of 2020. He was speaking at the SEAR Conference today.

June 13th 2019: The long awaited, but greatly welcomed, Investment Limited Partnership legislation has been given the green light by the Cabinet, with the promised publication of the Investment Limited Partnership (Amendment) Bill 2019. The legisation was recently signalled as being due this week by the Minister of State for Financial Services, Michael D'Arcy, and true to his promise, the Department of Finance yesterday confirmed that the Government gave the green light to publish the Investment Limited Partnership (Amendment) Bill 2019. The aim is "to improve the regulatory landscape for private funds", a statement says.

April 26th 2019: The Strategy was jointly launched by Minister for Finance & Public Expenditure and Reform, Paschal Donohoe TD, and Minister of State for Financial Services and Insurance, Michael D’Arcy TD. The vision of the strategy is 'for Ireland to be a top-tier global location of choice for specialist international financial services'. The full Report can be accessed here

Northern Trust has appointed Meliosa O’Caoimh as country head, Ireland. She succeeds Clive Bellows, who in late-2018 was appointed as head of Global Fund Services for Europe, the Middle East and Africa. Reporting to Bellows, O’Caoimh is responsible for all asset servicing business activities conducted from Northern Trust’s Dublin and Limerick offices.

16 January 2019: Deloitte Ireland has announced its current head of its Consulting practice ,Harry Goddard as its next CEO to succeed Brendan Jennings on 1 June next, following his election by the firm’s partners. In addition to leading 750+ professionals in the Irish Consulting practice, Goddard currently heads up Deloitte’s technology practice across the EMEA region, which spans over 25 countries and includes over 8,000 technology consultants. He has over 20 years’ experience in the professional services and consulting industries, and was a key player in the establishment of Deloitte's blockchain lab in Dublin.

Friday 9th November 2018: EY Ireland today announced the appointment of 24 new Associate Partners across the island of Ireland. The professional services firm last week also reported strong growth in employee headcount and revenue figures, with double-digit growth, driven by strong performance across its four service lines, Assurance, Tax, Advisory, and Transaction Advisory. In its financial year to end June 2018, EY recorded fee income growth of 28% in the Republic of Ireland to €316 million for the year to 30 June 2018 , up from €247 million in its financial year 2017, with 14% growth in headcount to 2,245 employees for the same period.

Tuesday November 6th: Brian Hayes MEP for Dublin announced today that he will not be contesting next year’s European Parliament elections at the end of his mandate as Dublin MEP in the parliament, and will be taking up a new role with BFPI in April 2019 as "central to Ireland’s continued economic recovery must be a healthy, sustainable and customer focused banking sector". "I am looking forward to working with the BPFI team and the Financial Services industry as a whole, to help reposition the sector as a crucial driver for real investment and growth in Ireland’s future.

Mike Fontaine will replace Susan Dargan as co-head of Global Services, EMEA at State Street Corporation. Fontaine, who was previously executive vice president, US Investor Services at State Street has relocated from Boston to Dublin. Dargan, who had announced her intention to leave State Street in March 2018, is expected step down in the coming weeks to pursue personal interests. State Street SVP Tadhg Young replaced Dargan as country head for Ireland in June 2018 and is also head of global services Ireland and the Channel Islands.

15th August 2018: Fexco today announced the acquisition of London’s leading retail foreign exchange (FX) company, Thomas Exchange Global (TEG). The deal strengthens Fexco’s position as the largest independent FX operator in the UK where it holds 12% of a £9 bn market. The acquisition of TEG which serves over 1 million customers in London across its 15 prominent branches also positions Fexco as the largest independent FX operator in the city, a statement from Fexco said. Fexco has been on the acquisition trail in the UK retail foreign exchange sector for a number of years, and this is its latest acquisition.

July 31st 2018: Goodbody Stockbrokers is to be acquired by a consortium of Chinese strategic investors who will take 100% ownership of the company. The deal is planned to close at end 2018, and is subject to regulatory approval.

18th July 2018: The finance ministers of Ireland and its new partners in an alliance that includes Nordic and Baltic states and the Netherlands have called for resources to be focused 'on those outstanding parts of the CMU Action Plan with the largest impact, which enjoy broad support among Member States and can be completed quickly.' A statement posted on the Irish Department of Finance website today outlines their view on CMU. CMU will be major theme at the upcoming Financial Centres Summit, Dublin 2018 which takes place in Dublin Castle on 2nd & 3rd October.

July 18th 2018: The largest trade repository in the world DTCC, said in a statement today that it will extend its presence in Europe by adding a new location in Ireland ahead of the UK's withdrawal from the EU. The decision to choose Dublin is a win for Ireland, in the light of post Brexit competition amongst EU-27 jurisdictions to attract financial infrastructure businesses in the wake of Brexit, with Amsterdam a strong competitor to gain much of the UK Brexit-related drift to date in other areas of the financial infrastructure ecosystem, such as exchanges.

July 12th 2018: EY announced the creation of 520 jobs, adding to its total existing headcount of more than 2,500 on the island of Ireland today. The new roles on offer will be filled by 215 experienced candidates, with average salaries of €65,000 per annum, depending on experience, with the other 305 roles to be with its 2018 graduate intake, in September, an increase of 57 roles on last year’s intake.

25th May 2018: A 30% drop in the number of people entering the accountancy profession since the start of the recession is leading to a shortage of qualified accountants in Ireland according to Cormac Mohan, President of the Institute of Certified Public Accountants in Ireland (CPA).

17th May 2018: Morgan Stanley has confirmed plans to extend its fund management activities in Ireland. Ruairi O'Healai, COO and CEO Morgan Stanley Investment Managers, said the firm intends to establish a new business in Ireland and that is has a number of licence applications pending with the Central Bank of Ireland in connection with this. This is a project that has been targetted by IDA Ireland for some considerable time since the Brexit vote. Two other firms, Legg Mason and Standard Life Aberdeen, also confirmed their plans for their Dublin operations at the Irish Funds Annual Global Funds Conference 2018.

17th May 2018: A common position on CMU was cited by Minister for Finance, Paschal Donohoe, as an example of the common interests that would be shared by other member states in the 'association' which he said includes the Nordics, Baltics and Dutch. The Minister was delivering a keynote address at the Irish Funds Annual Conference in the Convention Centre Dublin today. The Minister also said the much anticipated ILP legislation is currently being reviewed in his department and draft legislation can be expected during the course of the summer. Read more at Finance Dublin.

May 15th 2018: Thomson Reuters has applied to the Central Bank of Ireland to move its FX Multilateral Trading Facility (MTF) to Dublin to maintain access to the EU's single market after Brexit. Thomson Reuters MTF is one of the largest trading platforms in the global forex market with derivatives trading volumes of more than $300 billion a day. Global foreign exchange is a $5 trillion a day market. The move was welcomed by Minister for Jobs & Enterprise Heather Humphries, and IDA Ireland CEO, Martin Shanahan.

As the Irish Collective Asset Management Vehicle (ICAV) enters its fourth year, Meliosa O’Caoimh, Managing Director, Northern Trust, Ireland, identifies the factors behind its success and what will be required to ensure that its growth momentum is maintained. In a wide ranging review, in the 2018 edition of the Finance Dublin Yearbook, she also assesses the key pillars of the Irish investment funds industry, and its service record for both domiciled and non domiciled funds, including the $100 billion Irish ICAV industry that has emerged in the 3 years since the passing of the ICAVs Act in March 2015.

11 April 2018: Euronext, the leading pan-European exchange in the Eurozone with more than 1,300 listed issuers, launched a €500 million, 7-year inaugural bond issue, rated by S&P “A”, with an annual coupon of 1% and listed on Euronext Dublin. Euronext N.V. is rated “A, stable outlook” by S&P since 3 April 2018.

Tuesday April 10th 2018: Dublin as a financial centre is still heavily favoured to be a major beneficiary from Brexit, according to the latest survey by CFA Institute, the global association of investment professionals. Almost 1,000 CFA members responded to the survey, with 24 per cent of respondents from the UK, 24 per cent from the EU (ex-UK), and the remainder from the rest of the world.

The latest issue features the annual Finance Dublin Accountancy Fee Income Survey for the Top 20 firms in Ireland. It provides the fee income figures for the top 20 firms, with newly calibrated data relating to the calendar year 2017.

2nd March 2018: Apex Fund Services has announced the creation of 50 new roles in Cork, adding to this week's announcement by Clearstream, a unit of Deutsche Börse Group, that it is to create 200 new jobs adding to its existing jobs count of 362 to bring total employment at Clearstream to 562. The new Clearstream jobs will be located at Navigation Square, the largest and most significant office development to be undertaken in the city's commercial centre. The announcement of 50 new jobs by Apex Fund Services and the opening of its new Carrigtwohill office has been welcomed by Cork Chamber of Commerce as 'excellent news for the region'. See also this article: 'Cork has all the attributes it needs to become an IFS hub', in the 2017 edition of the Finance Dublin Yearbook.

A sale of the 224 year-old institution for €137 million, excluding an additional €21.8 m in regulatory capital (17.1 times 2016 earnings) follows a strategic search during the course of this year by the ISE for a partner to strengthen its offerings potential after Brexit. Euronext is a pan-European exchange, spanning Belgium, France, the Netherlands, Portugal and the UK and is the largest European exchange aside from the London Stock Exchange, which is about twice its size by capitalisation.

November 23rd 2017: Airborne Capital, a new specialist aircraft leasing and asset management company, is targetting $5 billion of aircraft assets under management within five years. The company has received substantial backing from FEXCO Group, Ireland’s largest privately owned financial services company and is led by CEO Ramki Sundaram and an experienced management team including Cian Dooley and Anand Ramachandran.

November 21st 2017: Dublin's loss, on a draw from a fishbowl to Paris for the right to host the European Banking Authority, while exasperating for Irish national interests augurs well for the future of Dublin as a winner of Brexit-exiting banks, despite the inevitable draw Paris will be able to exert as new host city of the EBA, after London. Frankfurt's distant showing as third in the second round draw (of 3 cities) draw is further underpinning of Ireland's position.

The European Banking Authority takes a cautious and carefully balanced view in its deliberations on how it should approach FinTech in its latest Discussion Paper. In reviewing the FinTech landscape in Europe the EBA raises many more questions than it answers, concluding that it should undertake much more detailed follow-up work in a number of areas. But it does raising warning flags about possible unevenness in the playing fields offered by different jurisdictions, in the area of sandboxing and innovation hubs, for example.

Cedric Edmonds, director of Solidum Re, whose idea it was to use a blockchain and who was key in the design and the implementation of the ILSBlockchain and surrounding structural mechanics, says an alternative to Euroclear was required as it was becoming increasingly difficult to access Euroclear efficiently for smaller private placement note issues.

Dublin, Ireland, June 7, 2017: Plynk, Europe’s first money messaging app, today announces a Series A raise of €25 million by private investment trust, Swiss Privée Ltd. The money messaging app, trialled since 2015 in the Irish market, is set to expand to the UK and Europe, and consolidates original seed investment funding of €750,000 backed by Enterprise Ireland, Bank of Ireland, Delta Partners, the NDRC and a number of angel investors. .

Brand looks to build on success of mortgage lending by providing alternative loan options for commercial borrowers looking to refinance or acquire new properties

Mark Carney, the governor of the Bank of England says the global financial system faces a "fork in the road", and Britain should avoid taking steps that would lead to its fragmentation. 'Brexit will be a litmus test of the future of international cooperation. The UK and the rest of the EU have exactly the same rules and the most highly developed frameworks of supervisory cooperation. Their capital and banking markets are already highly integrated. They have the potential to create the template for trade in financial services.'

10th March 2017: Baltimore-Maryland headquartered asset manager is to open a fund management company in Dublin to serve clients in the European Union afer Brexit,. The company has a management company in the US, and its portfolio of management companies includes Edinburgh-based Martin Currie. Legg Mason is an active asset manager with over 360 investment professionals amongst its worldwide staff of 3,400.

15th February 2017: Insurance Ireland today launched its Year of Inclusion to highlight inclusion best practices in member companies and to draw on expert external resources to advance a four part plan for the year.

February 10th 2017: The Taoiseach, Enda Kenny joined Accenture Chairman & CEO Pierre Nanterme for the official opening of 'The Dock' the companys multi-disciplinary research and incubation hub today offering jobs in artificial intelligence, advanced analytics, the Internet of Things (IOT), and industries including financial services, retail, consumer goods, life sciences and utilities.

Minister for State, Eoghan Murphy TD today announced that Willis Towers Watson is to establish asset management operations in Cork. Willis Towers Watson plans to create up to 40 roles in areas like asset management operations, service provider oversight, risk & data management, investor on-boarding, compliance, and accounting over the next few years. The company is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland.

Most Irish SMEs rely on traditional forms of finance to grow their business, despite a large increase in the availability of alternative sources of capital for SMEs at all stages of their development, according to a new research report, 'Equity Finance - The Irish Equity Challenge' published today (February 1st). The research, by Ipsos MRBI for AIB, finds that 71% of those surveyed said they were partly financed by the reinvestment of profits from the business, while 56% also relied on traditional bank debt in the form of a business loan or overdraft.

January 30th 2017: In a move that will further deepen Ireland's investment funds servicing offering, Luxembourg's FundRock, a leading independent UCITS management company and alternative investment fund manager is to open a branch in Dublin. The move comes as a result of market uncertainty in the investment management sector post-Brexit and is in response to clients looking to move their funds to Ireland.

"Maintaining a vibrant and attractive international financial services sector requires a financial regulator that is both experienced and innovative", he says. The statement is in the Minister's forward to a 2017 Action plan document on the Government's IFS2020 Strategy published today, ahead of the Government's European Financial Forum in Dublin on January 24th.

January 16th 2017: China Development Bank-owned CDB Aviation Lease Finance (CDBALF) today announced the appointment of former Freshfield's global aviation and asset finance team leader Rob Murphy as COO and its General Counsel and Avolon's former head of EMEA Pat Hannigan as Chief Commercial Officer. Former GECAS executive John Cunningham has been appointed SVP Asia Pacific. CEO Peter Chang said the team will be charged with expanding CDBALF's "market reach beyond China and shifting the company's current approach to a more western, customer-centric focus serving all global markets".

TK (Ken) Whitaker, who died, at the age of 100, on January 9th, was the civil servant most closely associated with Ireland's open economic policies in the 20th and 21st centuries.

The rise in the importance of risk management in the wake of the global financial crisis has seen more and more young professionals choose to specialise in risk management as a career writes Brendan Simeson.

16 November 2016: MetLife is expanding its Irish operations with the opening of a new Global Technology Campus in Galway to support its customers and technologists around the world. The new Galway Global Technology Campus will be home to more than 200 new, skilled IT roles.

An increase in general market confidence is driving activity for Bank of Ireland’s Corporate and Treasury business. In October business activity in the Eurozone grew at the fastest rate so far this year. With GDP rising, the latest economic data demonstrates broad-based gains with increased activity in all sectors and a significant year-on-year increase in companies investing in their businesses.

Wednesday November 9th 2016:

Thursday November 3rd 2016: The UK High Court ruled this morning that Article 50 can't be triggered to invoke Brexit by the UK Government acting on its own. The Lord Chief Justice ruled that the UK Government's contention that it can invoke Article 50 to trigger exit from the UK without the approval of Parliament are "contrary to fundamental constitutional principles of the sovereignty of parliament". The judgment adds in an offfical conclusion: "The court does not accept the argument put forward by the government. There is nothing in the text of the 1972 Act* to support it."

'In this regard we have identified a number of issues that need to be addressed', he told the Banking & Payments Federation Ireland National Conference 2016 in Dublin on October 27th.

October 27th 2016: Initiative Ireland, Ireland’s first Personal Peer-to-Peer Business, has announced an EIIS* Issuance to raise €2m in investment, creating 25 jobs and supporting the launch of a lending platform across Ireland in 2017, enabling them to "connect everyday people, empowering them to borrow and lend money direct to each other, at a fair, risk-based price".

October 25th 2016: As part of the negotiations associated with the UK’s decision to withdraw from the EU it will be necessary for the European Banking Authority to relocate to an EU Member State from its current location in London, and today the Government agreed, on the recommendation of the Minister for Finance, Mr Noonan "to make a public declaration of interest in Ireland becoming the location for the offices of the European Banking Authority".

The Chief Executive of the Irish Debt Securities Association, Gary Palmer, writes on the forthcoming Budget amendment to Section 110, in the October edition of Finance Dublin

October 17th 2016: As Government attempts to gauge the intricacies of suggested actions in the areas of QIAIFs, and the ICAV, regarding changes to taxation of Irish real estate, the next issue of Finance Dublin analyse the implications, and potential unintended consequences of attempts to give effect to actions on the IFS industry and Ireland's reputation as a stable location for foreign direct investment.

October 6th 2016: Avolon Holdings Limited, a wholly owned subsidiary of Bohai Capital Holding Co.Ltd. listed on the Shenzhen Stock Exchange announced an agreement to acquire the aircraft leasing business of CIT Group Inc. (NYSE: CIT). The deal will create an in-service, (owned and managed) and committed fleet of 910 aircraft valued at over US$43bn. The transaction is subject to required regulatory approvals, including approval from the US SEC, and is expected to close in Q1 2017.

September 29th 2016: At a seminar in Iveagh House, Dublin, the Minister, Charlie Flanagan TD, detailed the ongoing discussions and preparations at Government level around Brexit - with the establishment of a new Government Brexit committee - 'every Government department is affected', he said. He referenced discussions he has held in the US, following addresses to the UN and Fordham university last week. He reported, there is a very high level of interest in Brexit amongst business leaders he had met, and said that although Brexit was a European, indeed global issue, that there was an impressive level of understanding about the special impact on Ireland and trade issues for the island of Ireland.

21 July 2016: The Dublin International Insurance & Management Association (DIMA), has has appointed David Stafford as Chairman of the association, succeeding Marco Nuvoloni, and Eddie van Cutsem as interim CEO

Thursday 14 July 2016, 11.30 hrs GMT: The National Treasury Management Agency (NTMA) today published its 2015 Annual Report and delivered a midyear update for 2016 across its five business areas. “During 2015 and into 2016 the continued improvement in Ireland’s public debt dynamics has been reflected in the very substantial reduction in Ireland’s borrowing costs and successive credit rating upgrades culminating in Ireland regaining A status from all the major ratings agencies,” said NTMA Chief Executive Conor O’Kelly.

7 July 2016: In separate announcements Deloitte and EY Ireland announced the appointment of 14 new partners across the firms' practices

A group of leading advisers suggest that in the event of a “leave” decision, Ireland should work quickly to reassure international investors that Ireland remains an attractive location from a tax perspective.

A Finance Dublin Survey on the effects of a 'Brexit' on the Irish IFS industry in this issue shows that 58 p.c. say it would be ‘bad’ for Ireland's international financial services industry although there are seen to be some potential compensating factors. On compensating factors, the jury is out, with 53 p.c. saying that compensating factors may offset the damage caused, against 47 p.c. saying that they definitely would not. Fintech is one area where Ireland could gain from 'Brexit', as London could lose its pre-eminent status as one of the global fintech hubs as a result. The issue has several features on aspects of fintech, including the work to be done in Deloitte's new blockchain Lab in Dublin, and an analysis of blockchain's significance by the editor. The Irish Tax Monitor covers a range of cutting edge topics, including BEPS Action 9, the OECD's CSR, and tax free staff payments.

Speculation that Ireland as a centre could gain from 'Brexit' as an EU platform, attracting existing businesses from London, is questioned in the latest issue of Finance Dublin, based on new figures for IFSC exports from the CSO which show that the UK, with over 21% of exports from the IFSC is by a distance the most important market for International Financial Services from Ireland. The figures complement other results published in the Finance Dublin Yearbook 2016 which show that overall IFSC exports last year at €30.9 billion were at record levels and were a major factor in the Irish economy’s record GDP growth rate in 2015. Also, in this month's issue: New $5 bn aviation platform out of Ireland uses ICAV; Tax Monitor: the US antiinversion legislation, and, the increasing threat of the UK as a tax competitor, and what the 'Brexit' effect might add to this. New FS Minister of State, Eoghan Murphy, as the FS agenda turns out to be the first test for the new Government in the Dail; A Day in the Life, and we launch the Finance Dublin Crossword, No. 1, with cryptic clues for finance-savvy readers, sponsored by Invest NI. Also: Fintech, ETFs, Alt A, Investment funds, and much more.

10th March 2016: First official figures for Irish economic growth for 2015, show a GDP growth rate of 7.8 per cent, and GNP growth of 5.7 per cent, CSO figures show. In Q4, the CSO says, GNP growth was an amazing 3.4 per cent seasonally adjusted. This, if continued, indicates an annualised rate of growth of 14.3 per cent in volume terms. Indications are however that growth 'moderated' to about a 7% rate in Q1, so far, judging from Exchequer returns.

15th March, 2016: Ronan Daly Jermyn and Dublin-based law firm JM Burke Tax Solicitors ('JM Burke') will merge effective April 4, 2016.

February 12th 2016: Citi has appointed Zdenek Turek as chief executive of Citibank Europe plc, headquartered in Dublin. Turek replaces Aidan Brady as chief executive of Citibank Europe and chief country officer of Citi Ireland, who is retiring after 30 years with Citi.

February 11th 2016: In its second full year as a subsidiary of Great-West Lifeco, Irish Life continued to generate strong results contributing €204 million (CAD$290 million) to Lifeco’s profits for the year ended 31 December 2015. This was up 11 % from €184 million (CAD$261 million) in the previous year. Great-West Lifeco acquired Irish Life in July 2013 from the State for €1.3 billion, and the acquisition was the winning Financial Services deal in the Finance Dublin Deals of the Year Awards 2014.

As Fianna Fail spokesman on finance Michael McGrath points out, the IFSC accounts for 7 per cent of GDP, an industry whose contribution to the economy and employment is vital. We asked all registered political parties in the Dail to participate, and five did*: Fine Gael, Labour, Fianna Fáil, Sinn Féin, and Renua Ireland. All provide encouragement for the sector, acknowledging its importance, and there is also discernable, even from the most left leaning parties, a recognition of the disincentive potential of certain tax moves e.g. Sinn Féin’s disavowal here of the Financial Transactions Tax. Most radical of all the parties on the tax front are Renua, whose flat tax proposal is described here by party leader Lucinda Creighton as the latter day equivalent of the 12.5% corporation tax rate. Renua’s proposals on capital gains tax are equally transformative in the sphere of small business, where, as Minister Simon Harris says, there are 200 Irish owned companies included in the roster of 400+ IFS companies. * (By the time we went to press, TDs from Anti Austerity Alliance/People before Profit parties had not provided a response). In our next issue, and, prior to the election, online, we shall include the views of the Social Democrats, and candidates standing for the upper house, the Senate.

Financial Services Ireland (FSI), has announced the creation of 1,000 new apprenticeships as part of the International Financial Services Apprenticeship Initiative.

The Irish diaspora are expected to play an important role in the development of Credit Suisse new activities in Dublin. Tim O'Hara, chief executive officer of Global Markets at Credit Suisse, said that the available talent pool and well developed infrastructure available in Ireland, and Dublin in particular, played a key role in the decision to open its new trading floor and support offices at Kilmore House in Spencer Dock, at the heart of the IFSC.

January 27th: The Taoiseach Enda Kenny, and Minister of State Simon Harris launch a one day Financial Times European Financial Forum conference in Dublin Castle, at which speakers are addressing issues around the development of Ireland's international financial services industry, attended by over 300 delegates.

January 27th: Credit Suisse is to develop its major prime broking trading floor in Dublin, one of the most strategically significant banking developments in the international financial services sector since the brake on IFS industry banking developments caused by the financial crisis. Some 100 staff will be employed. It is the first non-European Union lender to gain authorisation to operate a branch in Ireland since a rule change permitting it was introduced by the Central Bank. Speaking at the event was Timothy O’ Hara, CEO, Global Markets, Credit Suisse and President & CEO, Credit Suisse Holdings (USA), held in Dublin this morning.

January 27th: The Taoiseach Enda Kenny, and Minister of State Simon Harris launch a one day Financial Times European Financial Forum conference in Dublin Castle, at which speakers are addressing issues around the development of Ireland's international financial services industry, attended by over 300 delegates.

December 10, 2015: State Street Corporation (NYSE:STT), University College Cork (UCC) in Ireland and Zhejiang University (ZJU) in China announced today a collaboration to launch a technology centre at UCC

December 7th: EdgeVerve Systems, the product subsidiary of Infosys (NYSE: INFY) plans to create up to 95 roles at its first dedicated product-centric research and development (R&D) centre outside India. In addition, the IT company will open a second Irish facility to house up to 155 people who will provide IT services to Infosys clients, bringing the total employment of the group in Ireland to some 500 people within 3 years.

December 2nd 2015: An Exchequer surplus of €343 million was recorded at end-November 2015, compared with a deficit for the same eleven month period of €5.758 billion in 2014, a turnaround of over €6bn in the year while end November tax receipts were €739 million (11.9%) higher when compared to the same month in 2014.

27th November 2015: ESM tenth anniversary sees over €7 billion in new capital has been raised since 2005 by listed companies. The ESM now counts 27 member companies – up from 8 at inception – across the pharmaceutical, tourism, financial services, technology, manufacturing, exploration, construction, business support services and retail sectors.

November 26th 2015: Allied Irish Banks, plc today successfully agreed to issue €500 million fixed rate resettable AT1 perpetual contingent temporary write-down securities. The coupon for the initial fixed rate period until December 2020 has been fixed at 7.375%. It follows last week's successful Tier 2 transaction.

November 23rd, 2015: Economy bottlenecks in the labour area, particularly for skilled staff are highlighted in a survey of former EY Entrepreneur of the Year finalists. Tax issues are also highlighted as problems but in respect to access to finance, considerable progress is noted in the past year.

November 9th 2015: In a significant speech issued today at the Confederation of British Industry (CBI)'s 50th anniversary conference in London the Taoiseach Enda Kenny outlined a series of EU agenda items where Ireland and the UK shared a common view - "the Union provides a vehicle to amplify our individual voices, including through the negotiation of trade and investment deals with major global partners".

Hostelworld Group plc, the leading hostel-focused online booking platform, has raised over €180m from its Initial Public Offering (IPO) on both the Irish Stock Exchange (ISE) and the London Stock Exchange. It began trading today on the ISE’s Main Securities Market with a market capitalisation of €245m. It is the fourth listing on the ISE this year, and the 12th since 2013.

September 21st 2015: The 2015 edition of The Top 250 Exporters in Ireland and Northern Ireland, launched today by Jobs Minister Richard Bruton, shows stellar growth in the manufacturing and services sectors with the value of exports from the top five exporters increasing by 23.5% on the previous year. Microsoft’s export turnover increased by 21%, from €15 billion in 2014 to €18.2 billion in 2015. Microsoft was followed by Google Ireland Ltd with export turnover of €17bn, Medtronic Ireland (3rd, export turnover of €16.7bn), Johnson & Johnson in Ireland (4th, export turnover of €10.5bn) and Ingersoll Rand plc (5th, export turnover of €9.8bn). The report is published by the Irish Exporters Association (IEA), in association with Investec, a leading specialist corporate bank.

September 3rd 2015: Bohai Leasing has agreed to acquire Dublin-based lessor Avolon for US$31 cash per share, $1 less than the $32 offered by Avolon in an exclusivity agreement last month. The lower price was atttributed to significant volatility in the financial markets in the interim. The deal, including equity and debt, values the enterprise at $7.6 billion, the equity element at $2.55 billion.

The two companies have agreed to merge, subject to regulatory and competition approval. The newly merged Grant Thornton will be headed by Grant Thornton's current managing partner, Paul McCann.

The true significance of the recent visit to Ireland by the Speaker of the US House of Representatives has not been lost on either side of the Atlantic, writes John Stanley. Having played a key role in giving the US President the authority needed to negotiate important new trade agreements with Asia and Europe, John Boehner grabbed the opportunity to visit Ireland, play a round of golf with his friend Enda Kenny and preach the gospel on the current trade negotiations with the EU. It is estimated that Irish exporters currently pay EUR 300 million in tariffs to the US Treasury - ‘These barriers inhibit exports from Ireland', said Irish MEP Brian Hayes in the debate on the issue in the European parliament this month.

August 5th 2015: Avolon, the NYSE-listed lessor that has been the subject of bids from two separate companies to acquire the business in the past fortnight, has released its Q2 results which show a year on year increase of 83% in adjusted net income, and an adjusted return on equity of 16%.

July 31st, 2015: Avolon received two unsolicited offers to acquire 100% of its share capital. The move comes as Bohai Leasing was set to acquire 20% of the business at $26 per share. Avolon in a filing with the SEC said it received a non-binding offer from a third party for the company at $30 per share, Bohai subsequently made a non-binding offer for the company at $31 per share. The Avolon Board is considering the offers.

The “Next steps to build a Capital Markets Union”– the first high-level public event following the public consultation period on the Commission's Green Paper on CMU is the subject of the keynote address at the 2015 FederatIon of International Banks in Ireland conference by Jonathan Hill, the EU Commissioner responsible for Financial Stability, Financial Services and Capital Markets Union. Also speaking are FIBI Chairman Jonathon Lowey, and Simon Harris, Minister of State at the Department of Finance. Their presentations will be followed by a panel discussion chaired by Finance Dublin Editor Ken O’Brien. The panelists will be Brian Hayes, MEP; 
 Sally Dewar, EMEA Head of Regulatory Affairs, JP Morgan;
 Brian Daly, Tax Partner, KPMG;
 and Kevin Gardiner, Global Investment Strategist, Rothschild, the economist who coined the term ‘Celtic Tiger’ for Ireland in the mid 1990s.

Government Strategy Document. The plan provides a very detailed strategy report on how progress can be achieved under 30 different action headings, among them the revolutionary concept of introducing tangible targets for operational efficiencies in terms of the processing of regulatory transactions and authorisations by the Central Bank. "During the most difficult economic periods, employment in the IFS sector has demonstrated considerable resilience, thanks to Ireland's very distinctive strengths including the availability of highly - skilled talent, a culture of innovation, tax competitiveness and a strong client focus", the white paper says.

March 6th: Speaking at an announcement of 300 new jobs by Northern Trust in Limerick today, the. Taoiseach said that the financial services sector is a major employer and a key part of the Government's recovery plan. “I’m delighted to welcome Northern Trust’s announcement of 300 new jobs. This is great news for Limerick and the mid-west region, and for those looking for work or new opportunities in Limerick and surrounding areas. The Government is working to secure the recovery for the whole country and the financial services sector is a major employer and a key part of our recovery plan. To help grow the sector and create more jobs the Government will publish a new plan for the sector next week".

The SBCI, a Government initiative to increase the availability of loan finance to small and medium sized enterprises was launched today, accompanied by announcements from AIB and Bank of Ireland that they will act as onlenders for the funds. The rate will be 4.5 per cent, approximately 200 basis points lower than current lending in the marketplace, and will range in maturities of 2 to 10 years.

Ireland’s Top 20 accountancy firms have seen a strong uptick in growth following a slowdown in growth last year. Fee income at the top 20 firms has grown by 9.3 per cent, to €1,231.4 million, compared with growth of 1.7 per cent in last year’s survey. Equally striking is the increased growth rate in employment amongst Ireland’s top firms with this year’s figures showing employment up by 7.5 per cent.

December 11th: A ceremony today was also attended by Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, and Fidelity executives and employees. Martin Shanahan, the new CEO of IDA Ireland said 'the financial services industry remains one of the strongest performing investment sectors for IDA Ireland.' The Minister for Jobs, Enterprise and Innovation, Richard Bruton, said 'International financial services is a sector we have specifically targeted as part of our Action Plan for Jobs'.

Chancellor George Osborne in his Autumn Statement confirmed the intention of the UK Government to devolve the option to set corporation tax rate to the Northern Ireland Executive. The move signals an option for the NI Government to attract FDI and corporate investment by matching the 12.5 p.c. tax rate in the Republic of Ireland.

December 1st: Avolon Holdings Limited has launched an initial public offering of 13,636,363 common shares on the new York Stock Exchange (NYSE) valued at between $286 million and $314 million, valuing the company at approx $1.8 bilion

In his Budget speech, The Minister for Finance reiterated Ireland's commitment to the 12.5% corporation tax rate, while signalling a new patents "knowledge box" scheme, alongside the previously signalled ending of the "Double Irish", for new companies on January 2015, and for existing schemes with a trailing off date of 2020.

DUBLIN, Ireland – October 13, 2014: GE Capital Aviation Services (GECAS), the aircraft leasing unit of GE, today announced the signing of an agreement to acquire Milestone Aviation Group, the Dublin-based helicopter lessor, for $1.775 billion. In an interview in Aviation Finance last Autumn, Norman Liu gave his views on investing in the helicopter leasing sector at that time. Earlier this year his views on the issue had advanced, as indicated in this Aviation Finance article.

The insurance industry can provide 3,000 more jobs over the next 5 years and up to €1 billion in funding for new infrastructure projects according to an assessment by PwC commissioned by Insurance Ireland entitled ‘Creating the Future’. The industry currently accounts for 27,000 jobs directly and indirectly (a quarter of the total financial services industry) and contributes €1.6 billion in taxes, 4.4 per cent of total Exchequer tax receipts it says. JOHN LYONS analyses the findings and looks at the prospects for growth in Ireland’s international insurance industry.

Finance Dublin interviews Nelius De Groot, Deutsche Bank's Global Head of Financial Institutions & Securities Sales about the role global transaction banking has for DB and its advantages as a relatively low risk and capital efficient business. He outlines why DB chose Ireland and outlines the plans for the unit. 'Transaction banking in general is a relatively low risk and capital efficient business, generating a substantial part of its revenues via fee income and long lasting partnership based relationships with clients' he says.

In the first part of the series, growth in compliance and risk roles brought about by increased regulation were identified to be a big factor in jobs growth in the sector, while the funds industry continues to be a major sector driving jobs growth. In the second part we look at the courses and qualifications that are most sought after.

In the first of a two part series on employment in financial services Finance Dublin surveyed a panel of recruitment consultants on the current state of the jobs market. Part II next month: corporate and career profiles.

Darina Barrett looks at a recent study on women in the alternative investment industry which shows that interest in women-led funds is growing but there is still a long way to go in developing women leadership roles in the industry.

Clive Bellows, country head of Ireland at Northern Trust, talks about recent developments for Northern Trust in Ireland against the backdrop of increasing regulatory pressure and a changing financial landscape. 'Since establishing our first office in Ireland, Northern Trust has been actively involved in and witnessed a huge amount of growth and development in the IFSC. Northern Trust’s Irish business has seen not only dramatic growth in its scale but also its ability to offer new and innovative solutions to ensure our clients are best placed to take advantage of the regulatory and structural changes.'

The Irish Funds Industry Association’s Pat Lardner reviews the year to date for Irish funds, which has seen assets under administration grow to almost €3 trillion, the prospect of loan origination funds, AIFMD and the introduction of the ICAV. 'As we enter the home stretch in 2014, it continues to be a busy year for the Irish Funds Industry Association (IFIA), presenting both opportunities and challenges. This year has seen sustained growth in the industry with assets continuing to flow into Ireland. Ireland as a country now administers assets worth almost €3 trillion, representing an annualised growth rate of almost 19% up to the end of 2014,' he writes.

The Irish Aviation Authority recently inaugurated a series of awards to recognise excellence in various aspects of the country's aviation industry, and leading global lessor GECAS, headquartered in Stamford CT., and Shannon, Ireland was recognised for its employee training and development strategy. GECAS' human resources manager DEIRDRE NORRIS elaborates.

Modern manufacturing could be a way of describing the business process that George Sullivan heads in State Street’s five-centre asset administration business in Ireland, with hubs in Naas - celebrating its tenth anniversary on September 10th - Drogheda, Kilkenny, Carrickmines, in Dublin, and Sir John Rogerson’s Quay in Dublin. Ken O’Brien met him.

Karen Sloan is head of payments and cash management at HSBC Corporate Banking, Ireland. Sloan spends most of her day discussing treasury and cash management topics with both local and international colleagues, while maintaining close relationships with Irish and international clients. She says client activity is at a high at the moment as a result of the Single European Payment Area (SEPA), which she says is a unique opportunity for clients 'to re-engineer their bank account and liquidity management structures to streamline processes.'

GNP for the first half of 2014 was up by 6.1 per cent for the half year compared with the first half of 2013, in seasonally adjusted constant price terms. The more commonly used, but less accurate indicator, GDP, was up by 5.8 per cent year on year in the first half, the Central Statistics Office figures show.

The Bill to bring in the ICAV was published by the Department of Finance today.

The Central Bank of Ireland has signaled its intention to lift the prohibition on lending by alternative investment funds

Dublin is shown to have the thirteenth highest percentage of millionaire residents in the world at 2.4% in a first-of-kind survey ranking cities by percentage of millionaires by a high net worth database research company, Wealthinsight Ltd, which says: "a thriving financial services sector, low tax rates and a pleasant lifestyle are all factors likely to attract millionaires to a city, and Dublin can offer all of these."

The Government has appointed Simon Harris TD as Minister of State with special responsibility for international banking and the IFSC Clearing House Group, as part of the Cabinet reshuffle, in which the new junior minister replaced new Dublin MEP and Junior Minister in the Dept. of Finance Brian Hayes. The designation of a new Minister with responsibility for the IFSC has been welcomed by the Federation of International Banks in Ireland (FIBI), and by Finance Dublin in its latest issue.

Banks and other international financial services firms were warned this month that restrictions on remuneration imposed by the 4th amendment to the EU Capital Requirements Directive (CRD IV) may require significant changes to remuneration policies, by McCann FitzGerald in a client newsletter.

Finance Dublin interviews Aidan Brady, country head of Citi in Ireland, and chief executive officer of Citibank Europe plc which is the headquarters of Citi's Central European branch network, on the story of the remarkable business that Citi has built in Ireland and its implications for the international banking sector in Ireland in the imminent era of European banking union.

‘Fintech’ is a word that crops up in a number of articles in this issue, notably in our interview with Citi's Aidan Brady, where he speaks about the Citi Innovation Lab, which since 2005 has been one of Citi's foremost centres for fintech developments, and in an article on Facebook's application to be regulated by the Central Bank for the provision of financial services.

PAT WALL, who heads up an Irish Government task force to develop non-bank finance, looks at the opportunity the funding gap presents for Ireland. 'Europe needs an alternative source of business financing to augment that provided by banks. 'Europe's governments, regulators and industry players must respond in order to finance the recovery'. 'The development of a European non-bank finance market is a project at least as great and arguably more urgent', he says.

June 9th: Avolon Holdings Limited, the aircraft leasing company, today announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission for the proposed initial public offering of its common shares. The IPO has been mooted by Avolon since the beginning of this year, and, following the recent decision of Dublin-based AWAS not to follow the same route, the way has become clear for it to become the fifth major aircraft leasing company to obtain a public stock quotation in the US.

The National Treasury Management Agency welcomed today’s upgrade of Ireland’s sovereign credit rating by Standard & Poor’s to A- (from BBB+) with a positive outlook.

The Irish Government will publish the long awaited General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill in the coming weeks, said Taoiseach Enda Kenny speaking at the Irish Fund Industry Association's (IFIA) annual conference on the 18th of June 2014. Speaking immediately after the Taoiseach, the Central Bank of Ireland's director of markets Gareth Murphy said that the Central Bank stood ready to implement ICAV within two weeks of the legislation.

HedgeServ the hedge fund administrator has opened a second Irish operation in Cork. This adds to its operation in Dublin which was established in 2008. In addition to 50 roles already created and filled in Cork, HedgeServ expects to employ 200 more in Cork over the coming years.

The Irish Stock Exchange (ISE) has announced plans to create a dedicated exchange for aviation-related debt and other instruments that seeks to complement Ireland's position as a leading jurisdiction for aircraft leasing.

December 12th: Netherlands-headquartered lessor Aercap has been reported as being in discussions regarding the acquisition of ILFC, one of the leading aircraft lessors, whose destiny has been in play throughout the year, following the postponement of an IPO in the latter months of last year. See: Articles on ILFC in Aviation Finance in 2013.

Deutsche Bank is to create upwards of 700 new jobs in the biggest international banking sector expansion seen in over five years, bringing its total employment in Ireland to over 1,000.

Microfinance Ireland, set up as part of the Government’s Action Plan for Jobs to lend to commercially viable micro-enterprises that have been unable to get credit from banks, announced details of its first year of supporting small businesses, which include: €1.62m in lending to commercially viable businesses that could not get credit from banks; Support of 107 micro-enterprises with loans from €2,000 to €25,000 and support of 237 jobs, of which 118 are "new jobs".

October 7th: Ahead of the 2013 Northern Ireland investment conference with the Prime Minister David Cameron, Belfast Harbour announced on October 7th that planning approval was granted for an 83,000 sq ft Grade A office development, the first phase of a 20 acre GBP 250 million office scheme to be known as City Quays.

September 26th: Avolon Aerospace Leasing Limited, the international aircraft lessor, announced that Emerald Aviation Finance Limited (the ’Issuer’), a newly established special purpose company, priced a total of US$636, 210,000 of Fixed Rate Asset Backed Notes (the ‘Issue’), the proceeds of which will be used by the Issuer to acquire a fleet of 20 aircraft (the ‘Initial Aircraft’) from Avolon or certain affiliates.

Confirming the story, first published this summer in Finance Dublin, the IDA yesterday announced the project. The move follows a clarification from the Central Bank that it would facilitate the establishment of branch banking operations in Ireland of banks headquartered outside of the EU. Dell's Irish operation will be the EMEA headquarters of the company.

The heady pace at which the Irish investment funds industry has been growing eased in the second quarter ending June 30th, CBI statistics published today show. Overall fund values at €1,112.4 bn at the end of Q2 compared with €1,123.5 bn at the end of Q1, down 1.0 p.c. in the quarter. However, compared with Q2 2012's total of €944.9m, the total was up by 17.7 p.c. on the same quarter a year earlier.

In the January 2013 issue of Finance Dublin: Interview with US Securities & Exchange Commissioner, Daniel M Gallagher on the potential of Ireland as an international financial centre.

The Central Bank of Ireland will be allowed to authorise branches of non-EU banks in proposed amendments to the Central Bank (Supervision and Enforcement) Bill 2011. Speaking on the changes at the FSI Annual Lunch Minister for Finance Michael Noonan said that there had already been 'strong interest' from non-EU banks in opening new businesses in Ireland on a branch basis. The legislation has been developed by the Department of Finance, whose secretary general, John Moran, is pictured (right). 'Within my Department, the Financial Services Division makes up about 25% of staff and it is often not realised the amount of work that is dedicated to this sector – not to mention the work of the Regulator and the Enterprise Agencies', the Minister told the FSI annual lunch.

Ireland has the potential to create an international financial services industry that can offer opportunities for the ‘buy side’ to outsource a diverse range of international financial services. ‘We have, or have had, a beautiful blank canvas to work with’, says Eoin MacManus, head of the financial services practice of EY Ireland, in this interview with the editor of Finance Dublin, Ken O'Brien.

The Central Bank of Ireland has announced the appointment of Cyril Roux as Deputy Governor, Financial Regulation. Roux will be responsible for all regulatory activities at the Central Bank. He is currently the First Deputy Secretary General of the French prudential supervisory authority for banks and insurance companies (Autorite de Controle Prudentiel et de Resolution ACPR). The Minister for Finance has welcomed the appointment.

Capita management, at the opening of its new Dublin office in Grand Canal Square, announced that the company is to double employment in its Irish operations. Robbie Hughes Capita's country head, interviewed in the May edition of Finance Dublin announced the firm will employ 800 more people over the next three years doubling its head count to 1600 - which would make it one of the IFSC's largest employers.

Ireland may have over-corrected how it regulates banks and financial services firms and should be “very careful” with further regulations to avoid losing business overseas, one of five commissioners at the US Securities and Exchange Commission, most recently appointed SEC Commissioner Daniel Gallagher has warned in comments to IT Washington correspondent Simon Carswell.

O'Connor was appointed Head of Group Taxation at AIB in June 2002. He brings over 25 years financial services experience with him in practice and in industry, having spent significant periods in the banking and life assurance sub-sectors.

March 26th: Zurich Insurance Group is to establish two IT hubs in Dublin with the creation of 112 new jobs. Zurich's European HQ is based in Dublin, and the investment is supported by IDA Ireland. According to the Finance Dublin Yearbook 2013 Zurich Insurance plc (ZIP) is Zurich's European general insurance risk carrier based in Ireland and has thirteen regulated branches across Europe in Belgium, Finland, Denmark, Germany, France, Italy, Norway, Portugal, Spain, Sweden, the Netherlands, the United Kingdom as well as conducting business in Ireland.

A report commissioned by the Association of Chartered Certified Accountants (ACCA) shows that a financial qualification or a background which demonstrates substantial financial acumen are seen as catalysts for women getting onto the boards of FTSE companies.

Impact of Promissory Note replacement with sovereign debt announcement February 7th 2013: The event is a rescheduling of debt, that, while it impacts the time value of debt obligations in a positive way for the Irish Exchequer (estimated future interest savings by economic forecasters of between €500 million and €1 billion per annum, including the NTMA, the agency charged with managing the Irish sovereign debt) does not affect the nominal, monetary value of debt expressed in the debt figures on the Finance Dublin Debt Clock.

January 8th:The funds were raised at a yield of 3.316 per cent.

Irrespective of the additional tax measures announced in today's Budget, Ireland will collect substantially more from income tax in 2012 compared with 2007 notwithstanding the sharp rise in unemployment levels over that period and widespread dramatic wage reductions. The key economic indicator emerging from the Budget will be the effect on tax and public expenditure as a share of GDP in 2013.

December 3rd: Cantor Fitzgerald has acquired Dolmen Stockbrokers, in the second major Irish stockbroking acquisition this year, following the acquisition of NCB by Investec. The transaction expands Cantor’s capacity to provide sales and trading, research and advisory services to clients in Ireland featuring fixed-income and equity underwriting, trading, and wealth-management.

The announcement was made as part of a plan that separates Shannon Airport from the DAA, a body that operates the main Irish airports at Dublin and Cork by year end. A five year plan is based around sustainable passenger growth to 2.5 million passengers within five years at Shannon, up from the present 1.5 million.

Clearstream Banking S.A., the clearing and settlement division of Deutsche Borse, is to establish an operational centre to support investment processing the trades of investment funds with the potential for the creation of over 100 new jobs in Dublin.

Nov 19th: Amanie Advisors Ltd., a Malaysian specialist Islamic Finance advisory company, has opened offices in Dublin in a move that will see all of the company's European deal origination be managed from Dublin. The Dublin office will also offer Islamic Finance advisory on product structuring, enhancement and endorsement; supervisory and monitoring services and annual review; secretariat support and services and screening for equities.

Employment in Ireland's top accountancy firms is up. The Finance Dublin Accountancy Survey 2012 reveals a like for like comparison among 14 of the country's top firms shows an increase in employees of just over one per cent, from 8,375 in 2011 to 8,465 this year.

November 14th: A spokesman for Ireland's National Treasury Management Agency [NTMA] welcomed the Fitch announcement (revised outlook to “stable” from “negative”). He said "It is encouraging that Fitch acknowledges the continued progress Ireland is making on the fiscal side and the improved access to capital markets as reflected in our bond market engagements this year." The agency affirmed Ireland's Long-Term Rating at BBB+.

November 8th: The special impact of youth unemployment in recessions, particularly prolonged recessions such as Ireland's, was the subject of an address to the Senate by 2010 Nobel Economics prize winner, Christopher Pissarides. The initiative was proposed by TCD economist and senator, Sean Barrett, and the special Senate session heard responses to the paper by spokespersons from all political parties in the Senate. KEN O'BRIEN, the editor of Finance Dublin, was there.

Fund administrator Butterfield Fulcrum are to create 150 jobs in Dublin in the next 3 years bringing total employment at the Dublin operations to 250.

Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today announced that the Automation Solutions division of Munich Re, one of the largest reinsurers in the world, is to establish a strategic R&D facility in Dublin.

October 14th: Sumitomo Mitsui Banking Corporation plans to merge its aviation divisions with SMBC Aviation Capital, the former RBS Aviation Capital, to propel the Dublin-headquartered company to be the third largest plane-leasing operation globally, after GECAS and ILFC.

Northern Trust is to expand its Limerick operation by creating up to 400 new jobs over the next five years. The expansion is supported by the Irish Government through IDA Ireland.

Arvato Finance's expansion in Dublin will create 100 additional jobs at the business process outsourcing company as the firm's original plans to create 150 new jobs by 2014, announced last year, were completed two years ahead of schedule, as demand for its services has seen strong growth. The investment is supported by IDA Ireland.

September 19th: Aircraft leasing company Avolon has released a research paper arguing that there is little evidence to alter the view that the standard 25 year aircraft depreciation policy currently practiced by the global aviation industry is appropriate. The paper, authored by Avolon's head of strategy, Dick Forsberg, cites voluminous historic and recent aircraft retirement trend data to look at the likely impact on aircraft economic values of the emergence of newer fleets, including current Airbus A320 and Boeing 737NG aircraft.

WGZ CEO Werner Schwanberg has worked for 21 years in Dublin initially taking up the reins of chief executive at Dresdner Bank’s franchise in the IFSC which was founded by Ernst Matthiensen as one of the pathbreaking German banks in Ireland. He is now chief executive of WGZ Bank and plays a major role in a number of organisations including the German Irish Chamber of Commerce.

An increase of €42.179 billion in the total net asset values (NAVs) of Irish authorised investment funds in July brings the combined NAVs of Irish funds to a new record total of €1,199.252 billion.

The auction on July 26th was part of an overall fundraising of €5.3 bn at an average yield of 5.95 p.c. The NTMA raised €5.23 bn, after the closing of a successful auction at 4.30 pm. Irish time. The fundraiising consisted of €4.19 bn in long term bonds, maturing 2017, and 2020, and the balance in rescheduling shorter-dated 2013 and 2014 bonds into the 2017 and 2020 bonds issued. The development marks Ireland's return to the bond markets for the first time since the IMF-Troika bailout in October 2010.

THE NINTH annual survey of employment in IFSC companies by Finance Dublin shows that despite difficult conditions in the IFSC’s main markets last year, the pace of recovery detected in 2010 continued, and indeed accelerated, with employment numbers growing by 1.9 per cent in the year to bring the total level of employment in the sector to a new all- time record.

THE NINTH annual survey of employment in IFSC companies by Finance Dublin shows that despite difficult conditions in the IFSC’s main markets last year, the pace of recovery detected in 2010 continued, and indeed accelerated, with employment numbers growing by 1.9 per cent in the year to bring the total level of employment in the sector to a new all- time record.

Two Irish students have placed first in the world in their recent Association of Chartered and Certified Accountants (ACCA) exams.

FSI CareerStart, a training and placement program for the financial services sector, has opened with 130 places available. The program is designed to equip people who are considering changing career paths, or who wish to better qualify themselves for work in the financial sector.

Following two years of headcount cuts many companies are now beginning to lift recruitment freezes according to a survey by recruitment firm Robert Walters

Former Taoiseach and President of IFSC Ireland John Bruton has advocated a “Yes” vote in the forthcoming referendum on the fiscal compact, on the grounds that it will strengthen Irish political and fiscal sovereignty against Brussels. Furthermore, he says that a "yes" vote would put in place an insurance policy, as it would guarantee access to the ESM fund, if needed, and that consequently a rejection of the plan would be unwise.

The Republic of Ireland's position as a member of the eurozone has resulted in another decline in Dublin's ranking in the latest GFCI Index published by Z Yen, the London consultancy, in its eleventh global ranking, in a series that goes back to 2007. The Global Financial Centres Index, which emphasises credit ratings rather than financial servicing attributes, showed a fall in Dublin's global financial ranking to 46, down 3 places, according to Finance Dublin, the Irish financial monthly.

Recently appointed chief executive of Barclays Bank Ireland, Andrew Hastings, meets with the various arms of the bank’s operation. Across the a variety of departments from wealth management to its multinational focused team, Hastings reports strong flow of new clients and new deals with strong growth patterns in a number of areas. He attributes this to ‘significant surge in our general business during the current dislocation in the bank market.’

March 12th: A survey of employment activity in the professional sector (including financial services) is noted in the latest Employment Monitor published by recrutiment firm Morgan McKinley. The survey shows that year on year, job vacancies In Ireland at 8,462 in professional categories were up 19 per cent compared with the same month a year earlier, and more importantly, that an upward trend seen since September has been continued.

Paul McCann, who is preparing to take on the role of managing partner of Grant Thornton in Ireland in the New Year, advises companies in financial difficulty, helping them to create turnaround strategies with his team of 60 people in Grant Thornton’s advisory department. In preparation for taking over as managing partner McCann spends his afternoons meeting with the heads of each department to discuss strategies and opportunities. While meeting with the firm’s regional offices in Limerick, Galway and Kildare allows him to tap local knowledge which is ‘invaluable’ for his work in local businesses and communities.

Pat Hayes, who heads up State Street’s hedge fund business in Ireland, meets with members of its 1,000 strong workforce through an employee townhall meeting that brings together local employees and the teams in Jersey, Poland and the US. The townhall meeting gives him a chance to meet with employees and brief them on the company’s performance. State Street’s hedge fund business services a significant proportion of the 40 per cent of the world’s alternative investment funds that are adminstered in Ireland and Hayes says ‘we will continue to grow the business and provide opportunities for the many talented and highly qualified people in Ireland.’

Chief executive of the global recruitment giant, ROBERT WALTERS in an interview with DUSTIN O’NEILL talks about the Asia Pacific market’s role as the driver of fee incomes for his firm. He says the Irish unit of Robert Walters has returned to profit and is well positioned to enjoy the benefits of a rising economy.

Noeleen Ruddy is a senior counsel in the structured products and capital markets (SPCM) group in the Dublin office of international law firm Walkers. Noeleen advises international financial institutions, investment banks, managers, agents and trustees in relation to a wide range of structured finance transactions. More recently, in line with market trends, her focus has been on restructuring, life settlement structures, distressed debt deals and other bespoke structured product transactions.

Employment in Ireland's top accountancy firms has risen. A like for like comparison amongst 15 firms shows that job numbers have increased by 5 per cent, from 8,198 in 2010 to 8,608 in 2011.

Belfast’s financial services industry has received a large jobs boost, as over 500 jobs will be created by Capita and PwC. Capita is exanding its life and pensions division at its centre in north Belfast creating 336 new jobs and PwC, are adding 247 jobs in a centre of excellence, in total adding 577 job positions to the city's financial services sector

Leading IFSC entrepreneurs showcased the opportunities the IFSC offers to financial entrepreneurs at a seminar in London’s Canary Wharf.

CACI, Credit Agricole's creditor insurance subsidiary, has announced plans to invest €3.2 million in the establishment of an R&D Centre of Excellence in Dublin due to the 'specialist capability' developed in the Irish operations.

Stone Tower Capital LLC, a $22 billion investment manager, has set up its European operations in Dublin. The new company: Stone Tower Europe Limited will be based in Dublin and run by former head of LBBW Asset Management Ireland Tim Richards.

GLOBEOP Financial Services has expanded its Dublin operation due to increased demand for European funds and from global funds extending into Europe to ensure access to European investors in light of new regulations, such as the AIFMD, that are due to come into force.

HedgeServ, the US hedge fund administrator founded by Jim Kelly formerly of International Fund Services in 2007, is expanding its Irish operations admitting that growth in its Dublin office has 'exceeded all expectations'. HedgeServ, having already expanded its headcount in Dublin by 150 people in the past twelve months has announced plans to add a further 300 jobs in Dublin. The company currently employs 230 people in Dublin and its plans for further expansion.

‘Progressions’ a workplace initiative pioneered by the National College of Ireland, with the support of founding partner State Street and other IFSC companies, aims to create 300 jobs in financial services for inner city communities. We profile some of its earliest successes, and report on the observations of new NCI President, Dr Philip Matthews on the programme

He said that there could be optimism that Ireland's banking and financial difficulties will be overcome in the course of the coming five years, but said that the coming six months are going to be particularly challenging.

‘Progressions’ a workplace initiative pioneered by the National College of Ireland, with the support of founding partner State Street and other IFSC companies, aims to create 300 jobs in financial services for inner city communities. We profile some of its earliest successes, and report on the observations of new NCI President, Dr Philip Matthews on the programme

Editorial on the 2023 Budget: Finance Dublin, October 2022

Citi is to create 250 roles over the next 18 months...

Since the acute crisis in global markets began in the wake of ...

There are simply not enough skilled compliance and regulation...

For the second year running the total fee income of Ireland’s top twenty accountants...

Actuaries, compliance experts, finance and project managers are increasingly being sought

Salaries remained largely static in 2010 with some marginal pay increases of between 3-5 p.c.

Due to an upturn in financial services hiring in London the demand for skilled Irish accountants is up

Legal and accountancy roles in financial services are up in areas such as funds

‘Progressions’ a workplace initiative pioneered by the National College of Ireland, with the support of founding partner State Street and other IFSC companies, aims to create 300 jobs in financial services for inner city communities. We profile some of its earliest successes, and report on the observations of new NCI President, Dr Philip Matthews on the programme

An aviation finance company focused exclusively on the helicopter and private jet markets, has announced it will base its global headquarters in Dublin with the creation of 40 jobs.

A number of IFSC companies have been actively hiring in the second quarter of 2010 according to an update from recruitment company Robert Walters. Sectors that were particularly active were fund administration, treasury, lending, wealth management, insurance, and reinsurance.

In his first public address since being appointed chairman of IFSC Ireland, John Bruton said he can see the international financial services industry having an even greater impact on jobs creation in Ireland.

Several global law firms have announced plans to expand into the Irish funds market in a positive sign for Ireland's investment fund industry.

Keynote speeches at Finance Dublin GFSC Conference make big impact

Michael Mainelli, author of the Global Financial Centres Index, published by Z Yen and the City of London spoke at, and chaired the morning session of the Third Global Financial Services Centres Conference in Dublin on April 28th where he explained the background to London's sharing of the top position in the Index with New York for the first time.

The regulatory gulf between Europe and the US will be addressed by leading Washington regulatory policy figures Peter Wallison and Paul Atkins in a conference on global financial centres in Dublin in April. The Conference will assess the impact of the financial crisis on offshore centres, as well as the prospects for international financial centres. The OECD agenda on tax havens, and battles over the AIFM, hedge funds regulation and credit derivatives regulation will also feature.

Walkers Group, the international law and management solutions firm, are setting up...

D&B, formerly Dun & Bradstreet, the world’s leading...

Financial services has the most flexible labour costs of any sector of the Irish economy, and by some margin, according to...

General Re-New England Asset Management (GR-NEAM), a wholly-owned subsidiary of ...

A Finance Dublin survey of Ireland’s specialist financial recruitment consultants and headhunters, shows that while the market is still slow and it is still very challenging the majority of recruiters are reporting green shoots. A large contingent say Q4 ‘09 was the best period in over 18 months with most of this positive activity carrying into 2010. These signs of growth are also sprouting up in the IFSC as opposed to domestic financial services say recruiters, that is except for jobs being created by NAMA

Mike Hartwell qualified as an accountant in his native Australia, spending five years working for Deloitte in Australia, before he moved to Ireland over 15 years ago. He is currently head of investment management at Deloitte

Glas Securities, has been founded by two IFSC fixed income professionals...

Grants for research & development of up to 80 per cent are being offered by InvestNI to encourage financial services companies to set up, invest and expand...

Joan Kehoe chief executive of Quintillion, the Dublin-based independent third party fund administration company, has said that her company has secured a funding deal with Enterprise Ireland who have invested €€650,000 in preference shares.

Greenstone, a new start up aviation finance company, will have created a $2-3 billion book of business in 2 to 3 years said its chief executive John Slattery.

Avolon a new aircraft leasing company, established with Domhnall Slattery as CEO, founder of RBS Aviation Capital...