Total pay of international bankers in Ireland jumped by a fifth last year

BPFI report says Ireland now eighth largest exporter of financial services in the world

The international banking sector accounted for one quarter of all corporation tax paid in Ireland last year, at €2.5 billion. Photograph: Bryan O’Brien / The Irish Times

The international banking sector accounted for one quarter of all corporation tax paid in Ireland last year, at €2.5 billion. Photograph: Bryan O’Brien / The Irish Times

 

Bankers in the International Financial Services Centre in Dublin received €812 million in wages last year, an increase of more than 22 per cent, according to industry research.

The international banking sector in Ireland is also in the top 20 globally in terms of its size, with cross-border assets of $407 billion (€332 billion), according to a report on the sector commissioned by the main bankers lobby group.

The report, by the Banking and Payments Federation of Ireland and its affiliate organisation, the Federation of International Banks of Ireland, highlights that the sector here was responsible for almost €17 billion of banking exports last year.

Exports

That performance registers eighth in the global league table for 2019, ahead of France and Japan but just behind Hong Kong. It comes in fifth in Europe, after the UK, Luxembourg, Germany and Switzerland/Lichtenstein. The previous year, Irish international banking exports were €15.5 billion.

The UK accounted for the largest share by far of the exports from Ireland with €6.7 billion, followed by Luxembourg, the US and the Netherlands.

The bank lobby group also highlighted in its report that the sector accounted for one quarter of all corporation tax paid in Ireland last year, at €2.5 billion. Overall, including wages, BPFI and FIBI estimate international banks spent €1.36 billion in the local economy, including outlay on salaries.

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