About 70 per cent of international banking and investment firms expect to grow their Irish operations this year, but significant numbers say they are facing challenges attracting staff and with new regulatory requirements, according to a new report.Investing in Ireland’s Future Success states that more than 40 per cent of FIBI firms expect to increase the number of people they employ this year and invest further in technology and innovation here.
“International financial services investment is mobile by its very nature. We welcome the Government and the regulators’ continued collaboration with the industry to ensure Ireland remains a key European and global financial hub for banking and investment firms.” However, on difficulties sourcing staff and staff retention, the report said personal tax levels and housing shortages are “likely contributory factors”. Two-thirds of respondents said they had experienced or expected to experience difficulties accessing talent with key skills locally.
The latest figures show that foreign-owned, agency-supported companies in the wider business, financial and other services sectors spent almost €5.3 billion in the Irish economy in 2022, 19.9 per cent more than in 2021. That included more than €3.6 billion in payroll costs alone, as well as spending on Irish materials and services.
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