Aareal Bank, the international property lender, opened a Dublin branch in 1993, and since then it has developed a large funding base through client deposits. It has also become a centre of competence for credit investments in group treasury, with particular emphasis on asset-backed securities, writes FARID ASSOUAD.

Last October, the HVB Group spun-off its commercial real estate business into Hypo Real Estate International (HREI), a Dublin based operation. Having established the headquarters, the aim now is to grow from an international bank into a global player in real estate structured finance writes JURGEN FENK.

When global insurance giant Generali looked for an Irish base from which to deliver products into the EU, Navan, Co. Meath, wasn’t an obvious choice. But the foresight in choosing this modern and accessible site, away from the busy capital, has paid rich dividends, writes BRENDAN MCCARTHY in this company profile.

One of the first non-life insurers to set up in the IFSC in 1990, XL Europe continues to grow its Dublin operation and its parent, XL Capital, views the IFSC as a beneficial location from which to transact business writes Michael Brady.

Dublin’s flexible regulatory regime has enabled Vicenza Life to offer innovative products back into the Italian market on a freedom of services basis writes MASSIMO CAMUSSO. The life assurance company set up its Dublin office in 1999, and has since seen its annual premium income soar from almost €110 million in 2000, to in excess of €172 million in 2003.

Dublin is the European hub for Investors Bank, the US securities processing firm, says KERYS GAVIGAN, and it services funds from jurisdictions including Dublin, Cayman Islands, United Kingdom, Guernsey and Luxembourg.

PAUL LEATHERDALE (right) profiles the Special Finance Unit of DEPFA BANK, which last year made a move into the Irish domestic financing arena when it financed the first Irish public-private partnership deal.In addition to direct ‘on-budget’ lending, DEPFA is also a leading player in the growing ‘off-budget’ financing area covering sectors such as infrastructure financing and securitisation through its ‘Special Finance Unit’ (SFU), which was established four years ago in the IFSC.

The Dublin-based reinsurance and insurance arms of the ACE Group of Companies have evolved dramatically since their formation in the 1990s, writes JAMES HOOBAN.

Life for AIB International Financial Services (AIBFS) began in 1987 with a staff of three providing agency treasury services to licensed companies in the International Financial Services Centre. It has since grown and expanded into a company of more than 120 staff with three overseas subsidiaries in Luxembourg, Switzerland and Hungary providing outsourcing solutions to over 180 clients in 26 countries world-wide writes NESSA KEANE.

Last year BISYS acquired Bermudan hedge fund administrator Hemisphere. 18 months on, Ronan Daly, head of the Dublin operation, looks back on key elements of the deal, and examines how well the transition has gone.

Following the streamlining of EUROHYPO’s international public sector lending division, which led to the consolidation of RHEINHYP Bank Europe into EUROHYPO’s Dublin branch, EUROHYPO’s head office in Luxembourg will concentrate on long-term funding for the orgainisation through letters de gage, while EUROHYPO’s Dublin branch will focus on the shorter end of the maturity profile through a variety of products.

Crédit Agricole Investor Services’ ambitious plans for global reach have highlighted the strategic importance of Dublin as a centre for fund administration, writes Clara Dunne.

Following their recent launch of a dedicated specialist hedge funds unit, OLGA HAGERTY outlines why Bank of Ireland Securities Services have taken this route.

Dermot Cahillane outlines how Depfa Bank is preparing to take advantage of the new Irish covered bond legislation.

Since establishing its specialist credit and equity derivative department in Dublin last year, Scotia Capital has gone from strength to strength writes MATT GIFFEN.

With Rick Wills returning to Northern Trust in the US, Peter Jordan has taken over as managing director of Northern Trust (Ireland). He examines Northern Trust’s role in Dublin and says that they aim to expand this presence in the future.

As a division of the international investment banking and asset management firm, Babcock & Brown’s Dublin operation focuses on cross-border financing for aircraft, rail, power and other assets as well as project finance writes COLM BARRINGTON.

Dublin is to carry out the treasury function for all equity fund products for INVESCO, the global investment management company,pending regulatory approval. This follows a comprehensive review of INVESCO’s treasury activities in the UK and Ireland and was announced at the opening of INVESCO’s new premises in Townsend Street, Dublin. The corporate treasury department places on average $350 million on deposit with Dublin banks on a daily basis, and this now looks set to grow further.

Peter O’Dwyer writes about Gensec’s steady progress over the past year.

Aidan Brady takes a historical look at Citigroup’s Irish operation and assesses the challenges ahead for the ever-evolving financial services company.

The growth in alternative and ‘fund of fund’ products has provided fund administrator Daiwa with a surge in business in the first half of 2002. Roisin Hogge speaks to WILLIAM MONTGOMERY and DONAL O’BRIEN

Following their recent launch of a dedicated specialist hedge funds unit, OLGA HAGERTY outlines why Bank of Ireland Securities Services have taken this route.

Transamerica International Reinsurance Ireland Limited has set up in Dublin’s IFSC and has plans to attract ‘quality’ reinsurance opportunities from Europe and North America. ROISIN HOGGE spoke to RICK HODGDON.

Since establishing its Irish operations in 2001, GMAC Commercial Mortgage Europe, a fully owned subsidiary of General Motors, has provided a diverse range of products. In this company profile, BARRY ALAN MOORE details what services the Dublin and Mullingar offices provide, and what the future holds for the group, who aim to become a leading player in the European securitisation market.

With a presence in nine countries worldwide, Brown Brothers Harriman now employs 65 in Dublin. FIONA REDDAN spoke to SEÁN PÁIRCéIR, of BBH Dublin, HENRY WILKES of BBH London, and LARA RHAME of BBH New York.

Since its establishment in Dublin in February 2001, PMI Mortgage Insurance Company, a subsidiary of The PMI Group, has completed four transactions including one involving the German mortgage bank Aareal Bank. In this profile of PMI's Dublin operations, TONY PORTER explains PMI's global presence and what services they provide.

ROISIN HOGGE profiles newly authorised international financial services company, Zais Group Investment Advisors; an international investment company who are targeting the European asset backed securities market.

FINEX is a division of the New York Board of Trade (formerly NYCE and CSCE) and FINEX Europe has its European trading floor in Dublin, writes Roisin Hogge.