Financial Services Ireland (FSI) has cautioned that Ireland is in danger of not seizing opportunities within the financial services sector that can bolster growth and employment. According to the industry body, there are several untapped opportunities in Ireland which require a strategic focus on specific key areas.
FSI proposes measures like scrapping the banking levy to spur competition, developing a solid talent pool in sustainable finance, and bridging skills gap through effective collaboration among higher education institutions. This also includes the blend of alternative access pathways, work-based learning, and learning from peers.
FSI also supports initiatives to enhance key infrastructures like housing and transport to draw workers and make the surroundings more family-friendly by channeling resources into education and childcare systems. It has committed to continuing its support for the Women in Finance Charter, promoting a more diverse workforce.
FSI’s director, Patricia Callan, outlined how the financial services sector significantly contributes to the Irish economy, with €18.2 billion to GDP and €2.7 billion in corporation tax annually, not to mention providing employment to more than 103,500 people. Additionally, the sector indirectly employs around 20,000 people in services that back the industry.
She reiterated that while the sector is growing, its success should not be taken lightly. The measures proposed by FSI aim to reinforce the talent pipeline, increase competitiveness, and support innovation across businesses of all scales. Callan highlighted that these proposals would position Ireland as a hub of excellence in sustainable finance – a sector ripe for growth, considering the financial services’ vital role in financing the transition to net zero.
Lastly, these ideas emerged from FSI’s interaction with its 160 member companies from various sectors including banking, insurance and reinsurance, aircraft leasing, and digital finance.