Ireland of the welcomes is open for business

First published in the Finance Dublin Yearbook 2026.

In an increasingly uncertain world, businesses are attracted to countries with a strong reputation for political stability and fiscal responsibility. Ireland's long track record of stable government, moderate broadly centrist policies and its responsible and disciplined recovery from the financial crisis have cemented its reputation as a prime location for international foreign direct investment. Other developments such as the introduction of the OECD minimum 15% corporation tax rate and certain groups reappraising their Brexit solutions have prompted some financial services providers to consider alternatives to their current locations. All of this has contributed to a noticeable increase in interest in Ireland as a base for financial services companies, such as banks, insurers payment firms, investment business firms, fintech, insuretech and, of course, investment funds, which are thriving in Ireland.

Strong and committed government support

The Irish government has made clear in numerous statements that it supports and encourages the growth of our already strong international financial services industry.

In July 2025, the Minister for Finance and Minister for Financial Services launched the most recent Ireland for Financial Services strategy for public consultation. The report on the consultation is due in 2026. As we wait to see the report, this is an opportune time to reflect on what Ireland can offer to financial services operations.

First, it is extremely positive that the Ireland for Financial Services strategy is a whole of government strategy for developing the international financial services sector. It aims to reinforce and enhance Ireland's international competitiveness and to foster sustainable growth in the international financial services sector. The consultation was aimed at identifying short, medium and long-term barriers to competitiveness, and growth and implementing measures to support sustainable growth within the context of a robust regulatory supervision regime.

The strategy is starting from a good place. We already have a strong and growing financial services base that has developed steadily since the international financial services centre (IFSC) was first established in the late 1980s. As outlined in the Ireland for Financial Services consultation document, Ireland's strength was demonstrated by its ranking as the third leading financial services centre in Western Europe in 2024. According to government figures, 13,000 new jobs were created in the sector in the five years from 2019 to 2024. However, there is always room to improve and one of Ireland's strengths is its continuous striving to improve an already very attractive business environment.

Robust but transparent, well-regarded and welcoming regulation

Financial services in Ireland are regulated by the Central Bank of Ireland (CBI). The CBI operates a strong and internationally well-regarded supervisory framework that contributes to international confidence in financial services operations authorised in Ireland. The CBI has acknowledged that it is important that its authorisation process not create barriers to entry to the market and that it must be efficient and transparent. The CBI is committed to ongoing improvements in transparency, clarity and responsiveness and it welcomes new entrants. Industry feedback on the CBI's performance has been extremely positive.

Let's now bring that same spirit of support within the boundaries of safety to leveraging artificial intelligence in the industry. With education, cooperation and effort, artificial intelligence systems may help to overcome the many limitations of legacy systems and support a new era of innovation in the financial services industry. Getting this right will require CBI officials to develop a strong understanding of the strengths and limitations of artificial intelligence systems to allow them to provide confident, and not over-cautious, guidance and support to the industry. The industry has a role to play, too, in pooling expertise and resources with those of the CBI to develop state-of-the-art safe use policies. In all of this, financial services companies and the CBI alike will require significant upskilling in the use of technology – particularly in understanding its limitations. There is scope for government-sponsored cooperation between our highly developed technology industries and the financial services industry to develop education programs and, potentially, to co-develop systems and products for use locally and internationally.

The future – time for bold steps

None of the above is news to the Irish financial services industry. However, understanding this background is essential to allow us to build on what works and improve where appropriate.

We wait now to see the outcome of the Ireland for Financial Services consultation and the action plan that will follow. However, I strongly encourage government to be prepared to take bold steps. It was bold thinking that created the IFSC and arguably even bolder thinking that prompted the Irish government to introduce a nationwide 12.5% corporation tax when the special 10% tax regime for IFSC operations and certain manufacturing industries was ended. We need that same courage, now, to realise the potential that the financial services sector holds for Ireland. We have a valuable asset in our highly experienced and capable financial services employees and the broader ecosystem of service providers including accountants, actuaries, lawyers and service providers who have developed world-class expertise in supporting financial services operations – let's make the most of it. In case we take that resource for granted, it's important to remember that it is highly mobile. Experienced staff will be a key factor in sustainable and successful growth. After all, an early start in aircraft leasing created expertise in Ireland that has made us one of the world’s leading aviation centres.

When we examine barriers to entry, let's consider legal structures that will permit companies outside the EU to move their places of incorporation to Ireland keeping their operations and contracts intact. There is such a mechanism, called a cross-border conversion, available within the EU and it is proving extremely popular. A number of EU countries have arrangements in place that permit inward migration for companies outside the EU. There is every reason for Ireland to consider similar arrangements.

Ireland has permitted inward migrations of this type in a very narrow area, to facilitate migration of Cayman Island investment funds to Ireland. However, why not extend the facility to a broader range of financial services operations? Imagine how much easier it would be for a large financial services company to migrate to Ireland if it could simply move its incorporation without having to wind up and, more importantly, without having to find a mechanism for transferring its customer contracts, employee contracts, hedging arrangements, outsourcing and other support contracts.

It's time to go beyond dismantling barriers and to begin building bridges to entry.

Date first published: 11 June 2026