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 The Finance Dublin Yearbook of Ireland's International Financial Services Industry 2009
Belying fears of a ‘meltdown’, IFSC job numbers held up in 2008 with only a small drop in job numbers in the IFSC from 25,058 at the end of December 2007, to 24,906 at end December 2008 according to the 2009 Finance Dublin Yearbook Annual Employment Survey. This fall of 152 jobs, or 0.6 per cent, follows growth of 1,901 in 2007, and 4,061 in 2006.
As employment is a lagging indicator of business activity there are expectations of further IFSC job erosion in 2009. However the more benign scenario shown in these Yearbook figures suggest that the sector’s downturn will not turn out to be as severe as in other centres more dependent on activities linked to the credit crisis.
The IFSC’s job performance was more resilient than in areas of domestic finance connected with mortgage and property credit in 2008.
Hardest hit of the IFSC sectors is banking, where job numbers at end December were down by 462, or 4.1 per cent, to 10,729. International treasury and financial shared services currently employs 413 people. The brightest spot was insurance, where the sector registered strong growth of 7.9 per cent in 2008, with employment up by 258 from 3,268 to 3,526. Strong performers include Hartford, St Andrews (Halifax) (in Shannon), Axis Speciality Re, Max Re, Eurizon Life, Renaissance Re, and Nexgen.
The funds sector also held up well. The sector recorded an increase of just 52 jobs from 10,599 to 10,651 an rise of 0.5 p.c. Strong funds industry performers in the past year included BNY Mellon, with over 300 net new jobs, Caceis, Citi Hedge fund admin, Northern Trust, State Street subsidiary Percana, and Hedgeserv.
The Finance Dublin Yearbook & Directory of the IFSC 2009 incorporates the following features: a review of all companies in the IFSC and profiles and contact details of the state and industry bodies responsible for promoting, regulating and representing the financial centre; Directory entries for companies feature milestone highlights of their history during the years since they were established.
The 2008 Yearbook (15th edition) showed that the IFSC enjoyed a record year for employment growth, as the Irish IFS sector created almost 2,000 net new jobs in 2007, according to the annual Yearbook Employment survey of that year. Total employment in the three core sectors of banking, funds and insurance stood at over 25,000 at end December 2007, up by over 8 per cent from 23,156 on end december 2006. The figures have been compiled annually since 2003 in a survey conducted by Finance Dublin of all Irish international financial services (IFS) companies.
The (16th annual) print edition of the Finance Dublin Yearbook 2009 provides a comprehensive database of regulatory and balance sheet information of all the trading international financial services companies in the Republic of Ireland. It is a continuously up to date information resource of Ireland's international financial services industry at a time when such information is being increasingly sought after, given the increased interest worldwide in the provenance and standing of financial services companies domiciled in or regulated in Ireland.
The 2009 publication provides comprehensive listings of the Irish and international regulatory frameworks of all IFSC and Irish international financial services entities, as well as expanded balance sheet information, providing a register of the companies operating in Ireland. The updated information for the 2009 publication began to appear online during January 2009, and the (19th annual) print edition will be published shortly.
The new edition incorporates the end 2008 statistics for the financial centre, including employment, assets, and details of the new enterprises that opened during 2008. This survey of ALL former IFSC and other international financial services entities is the basis of the annual employment statistics that provide the only gauge of employment progress in Ireland's international financial services industry. The Yearbook's annual survey is the only gauge of employment in the industry, and, for example, showed that employment in the centre surpassed 25,000 for the first time in December 2007.
Click here to order your copy.
The 2009 Yearbook is sponsored by: Bank of Ireland, KPMG, Ernst & Young, IDA Ireland, Deloitte, Invest Northern Ireland and State Street International.
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