The funds industry in Ireland contributes EUR837 million annually in direct taxes to the country’s exchequer, with 16,000 people now directly employed in the funds sector across the country, according to a new report from Indecon.
Indecon’s Economic Impact Assessment report launched today by the Minister for Financial Services, Michael D’Arcy and Pat Lardner (pictured), CEO of Irish Funds, found that the growth in the sector brings with it a EUR14 billion contribution to economic output which is being dispersed in communities across Ireland. The independent report focused on the profile and contribution of the investment funds industry to the Irish economy.
Lardner says: “We are very pleased with the findings of the Indecon report and welcome that there are now 16,000 people across Ireland directly employed in the funds sector and that it is contributing EUR837 million in taxes annually directly to the exchequer.
“At the same time that we are enabling global savings and enhancing Ireland’s reputation as a destination for knowledge-based industries, we are making a tangible contribution to the State in cities and towns across Ireland. This has been a 30-year journey and one we want to build on. If we can grow the industry in Ireland, we see no reason why we would not be looking at direct employment closer to 20,000 and a tax contribution of EUR1 billion annually.
“We should not forget however that we operate in a highly competitive global market – while we have earned the right to compete and serve our customers, we should never take this for granted. We will continue to work on behalf of our members, with Government, its Departments and Agencies, and our public elected representatives to build on this contribution to communities across Ireland.”
Launching the report, Minister of State, Michael D’Arcy, says: “The funds industry is a vital sector in our overall international financial services sector. The ecosystem for funds has been built up over 30 years and now represents a recognised global centre of excellence. Today’s assessment, which was completed by Indecon, is a welcome addition to the information and research on the investment funds industry in Ireland, which we will strive to continue to grow and diversify through the “Ireland for Finance” strategy.”
