Bernard Durkan (Kildare North, Fine Gael)
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258. To ask the Minister for Finance the extent to which employment in Ireland’s international financial services has increased since 2021; the trends emerging in this regard; and if he will make a statement on the matter. [11567/23]

Michael McGrath (Cork South Central, Fianna Fail)
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The current estimate from the enterprise agencies IDA Ireland and Enterprise Ireland is that direct employment in the international financial services sector stood at around 56,000 at the end of 2022. This is an increase of over 3,000 in the numbers employed compared to the end of 2021. In addition to these high-value jobs, there are many more thousands of people who are employed indirectly in professional services for which the international financial services sector generates a demand.

Ireland for Financeis the whole-of-Government strategy for the further development of Ireland’s international financial services sector. The Update to Ireland for Financewas launched in October 2022 and its vision is for Ireland to continue to be a top-tier location of choice for specialist international financial services and to enhance and protect our future competitiveness. The employment target of the updated strategy is to achieve a further net increase of 5,000 people in direct employment in the international financial services sector (above the target set out in the previous iteration of the Ireland for Financestrategy). This target applies for the period of the updated strategy, from January 2023 to December 2026.

The Government continues, through the IDA and other agencies, to promote the attractiveness of Ireland as a global location of choice for specialised international financial services, building on our strengths in talent, technology, innovation, excellent client service, stable and consistent policymaking and an open economy while also focusing on capturing on new opportunities in a changing market and embracing the highest forms of governance.

The nature, scale and complexity of Ireland’s international financial services sector is changing and will continue to change in a number of ways as a result of the financial services investments won in recent years, including both firms relocating from the UK following Brexit and firms looking to set up operations in the EU for the first time. The industry in Ireland has become broader and more diverse with more firms carrying out a greater range of regulated activities than at any time.

Despite the risks from current geopolitical changes, the Government believes that Foreign Direct Investment opportunities for Ireland will be on-going, however, investment will be hard won, and it will require continuing whole-of-Government support and private sector participation.

The role of our various indigenous firms in strengthening the financial services sector should also be noted. In the past, several Irish-based firms have achieved unicorn status with a valuation of $1 billion, demonstrating that Ireland is a location to grow and develop a business. Jobs in this sector have continued to grow since 2021. It is essential that we focus on strengthening the competitive position of our indigenous businesses to ensure they remain a key employer in the Irish market and can expand into new markets.