Nearly half of companies operating in Ireland’s financial services industry felt that the response of the sector here to COVID-19 was better than that of peers in competing jurisdictions. That’s according to a new survey published today from Financial Services Ireland.
Furthermore, 84% of survey respondents feel that financial services organisations are now planning operational investments in jurisdictions where crisis resilience is high, highlighting the potential growth opportunities for the sector in Ireland against the backdrop of COVID-19.
82% of those surveyed also believe Ireland will be an attractive location for financial services focused foreign-direct-investment (FDI).
FSI Director, Paul Sweetman commented: “The COVID-19 crisis has taken a severe toll on society and the economy. While serious challenges remain, Ireland’s financial services sector has shown an exceptional ability to perform on the international stage and act as a crucial economic player in the domestic economy. The sector continues to demonstrate to global peers its resilience, innovation and competitiveness."
Among the recommendations outlined in the report to accelerate growth were establishing a stakeholder engagement group between the sector, Government and CBI, and marketing Ireland as a premier location for financial services careers.
Mr Sweetman concluded: “As the survey findings show, this crisis-resilience presents a significant opportunity. Ireland can enhance its competitiveness as a premier location to attract financial-services focused inward investment, introducing fresh capital and providing additional high-quality employment at a time when needed. Today’s report contains a suite of recommendations for Government to best position the financial services sector to secure global market share and bolster the national economy.”