Irish arm of Goldman Sachs sees profits double

Profits at an Irish arm of global investment bank Goldman Sachs more than doubled last year as the company continued to unwind its structures here.

Accounts just filed for Goldman Sachs Ireland Finance show that it made a profit of $1.7 million in 2015, up from $700,000 in the previous year.

The company had total assets at the year end of $24.3 million, down from $224.1 million in 2014.

The business was previously involved in banking activities, including deposit taking, secured funding, loan origination, hedge fund administration services, investment banking and private wealth management services.

It was regulated by the Central Bank of Ireland until January 18th, 2013 when it voluntarily surrendered its Irish banking licence.

Residual activity

These accounts reflect the residual activity within the business and show that it converted to an unlimited company on May 18th last year, when it was also given its current name. Eight days later it distributed $205 million through a redemption of capital to its immediate parent entity, Goldman Sachs Group Holdings (UK) Ltd.

Its directors are listed as former Ireland rugby international Hugo MacNeill and British national Richard Taylor.

The company recorded net interest income of $2.06 million with administrative expenses of $356,000. Its income was mostly interest on loans to group undertakings.

This resulted in a pre-tax profit of just under $1.7 million. Tax of $212,000 left the company with an after-tax profit of just under $1.5 million.

It closed the year with shareholders’ funds of $16.6 million, down from $220 million at the end of 2014.

The Irish company had no employees last year, with its operations managed by other group entities.