The funds industry in Ireland contributes €837 million annually in direct taxes to the exchequer, with 16,000 people now directly employed in the funds sector across the country. This is according to Indecon, the independent economic research organisation.

The report launched today by the Minister for Financial Services, Michael D’Arcy and Pat Lardner, CEO of Irish Funds, found that the growth in the sector brings with it a €14 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.

According to the report, the industry has an almost 33,000 total employment impact across the country with over 150 companies directly employing over 16,000 people in ten different counties.

Launching the report, Minister of State, Michael D’Arcy said, "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."

CEO of Irish Funds, Pat Lardner added, "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 €837 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."

Source: www.businessworld.ie