This 32nd edition of The Finance Dublin Yearbook published in E paper and online serves as a window into the jurisdiction as a financial services centre but in enhanced ways that provide deeper insights and intelligence than could have been possible with the early print only editions. But the same standards of accuracy and objectivity apply in 2025, in the profiles of the institutions, public and representative bodies, companies and people appearing in the Yearbook, and in the narrative analysis provided by leading players in the life of the centre, both corporate and public in this 2025 edition.

The Irish Government is in the midst of reviewing and revising its annual IFS five year policy strategy, and the timing could not be more opportune, coinciding as it does with the life of a new Government, and a moment of unprecedented uncertainty, largely because of the sea changes brought about in geopolitics by the new US administration. In the short term outcomes will critically depend on the extent to which the US administration avails of the ‘off ramps’ offered by negotiation partners, most importantly China and the European Union in trade talks regarding the US tariffs. As the following pages indicate, these issues are closely connected to conditions in all financial and financial services markets. The articles in this Review & Outlook all address issues that are intimately connected with the critical matters currently on global agendas worldwide. That, in itself depending on whether the US administration falls back to a position that represents its tariffs strategy as just initially tactical - a point made during President Trump’s first term by the then Commerce Secretary. This issue of the Yearbook contains an interview with the President of the Eurogroup, and Irish Minister for Finance Paschal Donohoe (page 12) on the topic of the euro, in the context of his candidacy for a third term of President of the Eurogroup, effective July 12th 2025. In it the minister addresses issues including the potential reserve currency role of the euro, future trade talks between the EU and the US, and coming reforms to the euro, its membership, and its role in relation to the new EC Commission’s strategy to strengthen the European economy.

The President of the Eurozone’s Eurogroup, Irish Finance Minister Paschal Donohoe outlines the three strand strategy underpinning the EU’s approach to trade talks with the United States, and provides a number of perspectives on his thinking regarding the euro and the European economy as he looks forward to a third term as Eurogroup President commencing in July 2025. He says that this should include dealing with American issues of perceived unfairness while underlining that solutions will have to be something that is acceptable to the EU as well. Addressing wider Eurozone economic issues, the Minister talks about the long term stability of the euro as a global currency, a potential role of the WTO in global trade negotiations, the importance of the EU’s new Savings & Investment Union, and initiatives currently in play to give that substance such as pending proposals that will deepen the EU’s securitisation markets. The Minister also comments on how some of these initiatives can impact positively on Ireland’s financial services industry. He spoke to KEN O’BRIEN.

The funds industry remains a people-centric business, says Northern Trust’s Ireland Country Head Mel?osa O’Caoimh, in which a continuing focus on relationships, combined with technological advancement and cross-industry collaboration, creates exciting new possibilities. She offers perspectives on the outlook for her organisation and the Irish funds industry – with insights gleaned from a quarter century since Northern Trust first established its presence in Ireland.

Brian Hayes, Banking & Payments Federation Ireland’s Chief Executive, on the contribution of the international financial services sector to Ireland and its economy, the major role it plays as a European and Global hub for international banking activity and the opportunities presented by the move towards regulatory simplification and enhanced competitiveness. The Federation of International Banks Ireland (FIBI), an affiliate of Banking & Payments Federation Ireland, represents over 30 international banking members including many of the largest financial service providers in the world.

The EU launched its Savings and Investments Union (SIU) on 19 March 2025, a new agenda that provides sharper focus on the twin objectives of the original CMU (Capital Markets Union). Its aim is summarised by A&L Goodbody authors PETER WALKER and SEAN O MAOLDOMHNAIGH, to provide business with “easier access to capital to innovate, grow and create good jobs in Europe”, and to provide households with “more and safer opportunities to invest in capital markets and increase their wealth”. They detail ways in which securitisation can and should be central to this, and that Ireland is “arguably the best positioned EU jurisdiction to capture any growth in the securitisation market”.

The responses of the Central Bank of Ireland and the Irish Department of Finance in regard to the development of the regulatory framework in respect to two areas of primary interest to innovative enterprises, tokenisation (the application of DLT-blockchain to securities), and artificial intelligence are indicative of the continued development of a legal and regulatory environment supportive of innovation, according to HANNAN FENLON, Partner at Dillon Eustace’s Asset Management and Investment Funds practice.

The continued growth of Ireland as an international domicile for funds, including UCITS and AIFS, as well as SPVs has seen the total value of assets under these headings rise to over €6 trillion in the jurisdiction by the end of 2024. The underlying momentum in these areas and the development of new hybrid specialisms, notably fund finance, an area of banking and finance that provides lending solutions to investment funds is enabling a continuous expansion in the range of services available as this article elaborates. It is jointly authored by Oisin McClenaghan, Richard Kelly, Laura Holtham and Jennifer Dobbyn, all partners at Ogier’s Ireland office.

The election of a new European Commission in 2024, and the publication of influential reports such as the Draghi Report in September 2024, which identified sustainability reporting and due diligence as a major source of regulatory burden, has changed the compliance landscape in Europe for sustainable finance and financial services in general. McCann FitzGerald partner EAMON O’CUIV surveys the 2025 landscape and identifies the particular areas of importance for all charged with compliance under the EU’s sustainability requirements.

The unprecedented levels of uncertainty seen in the first half of 2025 have created energy and commodity price volatility, increased sovereign and corporate credit spreads, greater dispersion in fund performance across geographies and asset classes, shifts in supply chain planning and investor positioning. CIAN HIGGINS, the Head of Quantitative Risk of Forvis Mazars points out that this has not happened overnight, and identifies a number of the necessary responses to this, from credit modelling exercises in the banking sector to the application of enhanced sensitivity analysis and liquidity management at all enterprise levels.

Ireland’s banking industry, a ‘foundational pillar of economic stability’ over the past five years has entered a period of great transformation as we see a diversification of market participants including digital platforms, non bank lenders and fintechs says DANNY BUCKLEY, EY Ireland’s head of Banking & Capital Markets. Ireland, Europe, and the industry itself can rise to the challenges he says. Those that do will shape the future of finance in Ireland — “and create lasting value for customers, communities, and the economy at large”.

A&L Goodbody’s EIMEAR KEANE, MARK ELLIS and YVONNE MCGONIGLE examine the use of AI in the asset management industry of Ireland and the regulatory oversight of it by the Central Bank of Ireland. They conclude that while it is still early days in the adoption of AI across the sector, the Central Bank has been quick to communicate that as a regulatory principle human oversight should remain primary, for example in the employment of tools in the area of fund management decision making, such as stock selection or indeed regulatory diversification rules, as required by EU Directives.

In response to growing demands in the sector, BDO Ireland has expanded its Financial Services Audit team with the appointment of two partners, Donal Ryan and Patrick Glover. Their expertise in investment funds, structured finance, and regulatory compliance will further enhance BDO’s robust service offering to the Financial Services Sector.

Cross-border conversions, facilitated by the EU’s 2023 Mobility Directive, provide a potentially valuable option in regard to corporate consolidation within the EEA area, the cross-border conversion of Zurich Insurance plc from an Irish plc to a German joint stock company in January 2024 being a case in point. A&L Goodbody Partners JAMES GRENNAN and STEPHEN QUINLIVAN assess the options.

The 2025 Consumer Protection Code (CPC) is a major landmark body of regulatory guidance that updates the CPC of 2012 introduced in Ireland in the wake of the Great Financial Crisis. Its philosophical approach, key provisions, and the changes it fosters are described by KIAN CAULWELL, Partner and Head of Financial Services Consulting at Forvis Mazars.

While Ireland has been keen to implement tax policies and regimes aimed at attracting and retaining inward investment, it must continue to review and enhance its tax offering to ensure it remains one of the pre-eminent countries in and from which to do business in Europe and beyond, writes ROBERT DEVER, a Tax partner at Pinsent Masons Ireland.

COLIN FARRELL, Financial Services Tax Leader, PwC Ireland, says that the Government’s Programme for Government, the Funds review recommendations and a simplification agenda from a tax and regulatory perspective will provide a blueprint for continued success.