The 2025 Finance Dublin Accountancy Survey sees the combined fee income of the Top 20 firms reach a new milestone as the 2025 Managing Partners' Forum shows an unanimous positivity across the board, despite the prevailing uncertainty around global economics and markets. This is reflected in a softening in annual fee growth in this latest year, to 9.9%. Although few say so, this uncertainty necessarily is reflected in discipline at the fee charging level. Also featuring centrally in the issue is Budget 2026, and its relevance, particularly for the financial services industry itself.

UPDATE (31-10-2025):

EY's Republic of Ireland Transparency report for its FY ending June 2025 shows Republic of Ireland fee income for the firm of €781 million, an increase of 7.5% on the €727 million recorded in the previous 12 month period. In the 2025 Accountancy Survey, published in the October edition of Finance Dublin, EY's fee income rose by 10.2% in FY ending June 2024 on the previous year. In the latest (June 2025) FY, EY's headcount in the Republic rose by 5% to 4,431. Its island of Ireland fee income rose by 9% in the latest period to €843 million.

In relation to the development of a newly updated national FS strategy, promised by the Government next year we continue to feature submissions that have been made in the Public Consultation on the Ireland for Finance strategy. The issue features an article by EY's Colin Ryan where he outlines three 'practical levers' to fortify Ireland's position as a global financial services centre, which formed part of its submission.

Budget 2026 fails to deliver on needed reforms: While Budget 2026 featured positive progress in areas such as the R&D tax credit and a reduction in IUT, a perceived lack of urgency in dealing with pressing matters, illustrated by Budget day announcements of new action plans, implementation plans and a compass, instead of actual tax reforms, has led to frustration for stakeholders. The Finance Bill, published on October 16th, largely reflects the announced changes, but also includes a welcome broadening of the DWT exemption to ILPs - with the panel, in their pre-Finance Bill commentaries, describing the initial omission as 'disappointing' and a 'notable gap' as well as a broadening of qualifying expenditure under the R&D regime. Other topics featured include tax authorities' use of AI, EU tax simplification including VAT reform, CBAM and the R&D tax credit.

"How financial services can play its part in a 'bottom up' capital markets revolution in Europe" is the title of September's cover feature which details a Submission from Finance Dublin to the Public Consultation on the 'Ireland for Finance Strategy 2026-2030', the Irish Government's international financial services sector policy programme.

It reflects many suggestions and recommendations made by many individuals and bodies in the columns of the publication. It supports the concept of national level SIAs, such as Sweden's ISK, which is profiled in the issue (page 11). An Irish equivalent would be welcome it says.

This is among the recommendations in a detailed response to the Public Consultation Questionnaire which the Department of Finance published in July, ahead of the publication of a new revised 'Ireland for Finance Strategy' which is planned for launch in 2026.

Budget 2026: growth supporting measures should be to the fore. While prudential impulses remain to the forefront ahead of Ireland's Budget in October there still is substantial scope for tax neutral and tax boosting reforms. In the light of the heightened uncertainties surrounding the Exchequer returns that will continue for some time, the panel provide a number of ideas for the Department of Finance's Budget 2026 in-tray, adding to the extensive list outlined in recent issues of the Irish Tax Monitor.

IFS stakeholders invited to help grow centre as a 'leading global hub' for finance: The Government has invited the stakeholders of Ireland's IFS industry to participate in a Public Consultation process to run until 19th September 2025 aimed at providing their views on "how Ireland can maintain and grow its position as a leading global hub for specialist international financial services".

As such it is historic and marks a new approach that compares and contrasts with approaches, including Clearing House Groups and other channels resorted to in the past, going back to the early days of the IFSC in the late 1980s. The findings will be published and incorporated in a new strategy broadly covering the term of the present Coalition Government ending in 2030, a period coinciding with the earlier forward looking document the Funds Sector 2023 review, published in the final week in office of the outgoing coalition Government.

Putting personal tax at the heart of IFS FDI strategy: Tax is important, but the advice that it should never be all important is a moral that this publication would subscribe to, and with this in mind we commissioned the panel this month to provide perspectives on tax reforms, and realities in light of the Department of Finance's public consultation on Ireland's next international financial services strategy. BEPS also features as does the 2026 Budget, set to be unveiled on October 7th.

The July issue of Finance Dublin features a virtual manifesto of practical advice from leading Irish IFS representative bodies on how to go about the complex project of building Capital Markets Union in Europe in the coming years.

Further insights allied to the mission to develop the EU's capital markets are to be seen in this month's Irish Tax Monitor, which agree with many of the domestic investment market development proposals contained in the Government's Funds Sector 2030 review, published in the final week of the last Government.

The 2025 Finance Dublin Yearbook presents the views of a collection of thought leaders in the financial services industry on the current outlook, including an exclusive interview with the Minister for Finance, Paschal Donohoe, as he declares his candidacy for a third term as President of the Eurogroup, the Eurozone's influential policy committee of Finance Ministers, the EC Commissioner for the Economy, and the President of the European Central Bank.

The interview with the Minister is on the topic of the euro, and in it he addresses issues including the potential reserve currency role of the euro, trade talks between the EU and the US, and coming reforms to the euro, its membership, and its role in relation to the new European Commission's strategy to strengthen the European economy.

The 2025 Yearbook profiles new entrants and updates the Directory sections to provide profiles of over 500 companies and organisations and over 1,000 individual professionals and executives.

The June issue of Finance Dublin features the 2025 Deals of the Year Awards, which celebrate the achievements of the Irish capital markets and corporate finance dealmaking and advisory community - detailed in the 62 articles in this month's issue published today, each profiling the deals that are recognised this year.

The 2025 awards recognise 62 deals in five major categories, providing an overall picture of buoyancy and deepening expertise and links with global capital markets ecosystems, in spite of the record uncertainty and headwinds in geopolitics.

Ireland's Minister for Finance Paschal Donohoe has been re-elected for a third term as president of the Eurogroup, commencing on July 12th next for a two and a half year term.

Setting out his vision for the euro's development and stabilising role in the context of global trade undertainty in an interview in the Finance Dublin Yearbook 2025 this month, Minister Donohoe gave a realistic but optimistic assessment of the euro's role as a stabilising entity in 2025 and going forward during his prospective third term.

As the official start of summer begins, it is a seasonal reality that consideration of macro as well as granular details of all aspects of business begins, and tax is no exception - the Budget announcements for 2026 are still months away, and there is time for new initiatives and ideas to be implemented in annual (calendar) year business (and life) plans. This month's issue accordingly covers a broad range of topics at the top of Ireland's tax agenda, ranging from Policy Consultations in the areas of R&D Tax credits, and Angel Investor Relief, along with specific examination of the ever present BEPS process and its impact in two areas - aircraft leasing, where real challenges to Ireland's globally leading aircraft leasing sector are evident - and opportunities, and in a specific end of the market, topical in the context of this month's issue of Finance Dublin in our Deals of the Year issue - Mergers & Acquisitions of large transnational enterprises.

Analysis of the Finance and Financial Services related Professional Services industry in Ireland is the cover story in this month's issue, a vital plank of the platform for the country's economic strength, and a foundation of its viability and indeed excellence as an international financial centre and jurisdiction. The strength of Ireland legal services industry is a major advantage for Ireland at a time of grave uncertainty, prompted by the capricious policies of the US Government in economic, monetary, and indeed political, defence and security arenas. We opine that while this turn of events is regrettable there may even be some silver linings for the health of the Irish economy as an unintended and not necessarily to be welcomed consequence.

Numerous indicators point to the finance and FS-related Professional Services industry is thriving in Ireland. Servicing areas such as investment funds, aviation leasing and structured finance in the M&A, Equity Capital Markets, Debt Capital Markets, Loans and Financing and Financial Services areas tracked in the Finance Dublin Deals of the Year Awards research (forthcoming) show rude health and despite the uncertainty prompted by the changed global economy we suggest that there may well be some silver linings. And, whatever happens, we suggest that there should be no grounds for rethinking the economic model that has served Ireland well for over half a century as part of any response.