Stephen Ring
Head of Capital Markets & International Banking, Federation of International Banks Ireland (FIBI)
While the international banking sector in Ireland is set to grow in 2025, a challenging operating and regulatory environment means action is necessary to maintain it.
Recent figures published by the Federation of International Banks in Ireland (FIBI) show that over 60% of FIBI firms are expected to increase business activity, and almost 40% are expected to increase the number of employees in 2025. However, given increasing international competition to host financial services and the regulatory burden, a coordinated approach is required to maintain Ireland’s position.
Significant contributor to the economy
Ireland hosts operations for over 30 international banks and is ranked the eighth largest exporter of financial services globally. Internationally owned business, financial and other services firms were responsible for direct spending in the Irish economy of €5.5 billion, according to figures from the Department of Enterprise, Trade and Employment. The financial industry’s exchequer contribution is also significant, reaching €7.7 billion from financial and insurance activities.
All stakeholders must come together to
reinforce Ireland’s position as a key
European and global financial hub.
Employment talent pool expanding
Ireland’s international banks also make a significant contribution to employment. The numbers employed by FIBI member firms are up by over 20% on pre-pandemic levels (2019), with almost 14,700 employed at the start of 2025. As the international financial services industry grows in Ireland, the talent pool is expanding organically. Many companies now have a depth of experience that was not previously available.
Ireland as a global hub
While this success gives reason for confidence, there is no cause for complacency. Four out of five FIBI members cited geopolitical tension as a challenge in the next five years. An increasing regulatory burden was also seen as a challenge by 61% of members.
As other countries, like the UK, move to cut regulatory burdens — promising a 25% reduction in the cost of regulation by the end of the current Government’s term — the EU is embarking on its own simplification agenda. There is now a growing industry consensus that we must match these European efforts with our own domestic initiatives and reforms. All stakeholders must come together to reinforce Ireland’s position as a key European and global financial hub.
