Industry & Business

Finance

Danske Bank to Create 67 New Jobs in Northern Ireland

    Danske Bank to Create 67 New Jobs in Northern Ireland

Danske Bank has chosen Londonderry as the location for a new Customer Protection Centre. The centre will create 67 new roles, including quality assurance managers and analysts.
The Centre will complete due diligence checks on personal and business customers, as part of regulatory requirements for all banks to demonstrate an increased responsibility for knowing and understanding how […]

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UN Green Finance Network For Climate Change to Establish its European Hub in Dublin

    UN Green Finance Network For Climate Change to Establish its European Hub in Dublin

A major United Nations programme that encourages global financial centres to place sustainable and green finance at the heart of their operations and help fight climate change, is to establish its European base in Ireland. The new European secretariat will coordinate from Dublin a network of pan-European cities committed to the expansion of green and […]

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Call For Reduction in Stamp Duty For First-time Buyers

    Call For Reduction in Stamp Duty For First-time Buyers

A call for stamp duty to revert to 2pc to enable more aspiring first-time buyers acquire once off sites to build homes has been called for by IPAV, the Institute of Professional Auctioneers & Valuers, which says last year’s hike from 2pc to 6pc is adversely affecting the cost of a new house for first-time buyers. Launching its […]

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DataStax Opens Office in Cork and Announces 30 New Jobs

    DataStax Opens Office in Cork and Announces 30 New Jobs

DataStax, powering the Right-Now Enterprise with the always-on, distributed cloud database built on Apache Cassandra™, has announced the opening of a new office in Cork, and expects to create 30 jobs over the next 3 years with 10 of the roles being filled immediately in Finance and IT.
In this data-driven world, DataStax provides the data […]

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London-based Financial Services and IT Consultancy Chooses Belfast For New Development Centre

    London-based Financial Services and IT Consultancy Chooses Belfast For New Development Centre

McGinnis Consulting will be opening a new development centre in Belfast with the creation of 10 new jobs. McGinnis Consulting, based in London and founded by Marius and Anne-Marie McGinnis, provides financial services and information technology consultancy to Tier 1 banks across Europe. Focusing on Credit, Market and Regulatory risk business areas within the financial […]

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Intertrust Ireland to Create up to 60 New Financial Services Roles

    Intertrust Ireland to Create up to 60 New Financial Services Roles

Intertrust Ireland has announced that continued growth and additional service offerings have resulted in an opportunity to create up to 60 new jobs. Intertrust is a global leader in providing expert administrative services to clients operating and investing in the international business environment. Dublin is a key financial centre and Intertrust Ireland has built a […]

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New Requirements Introduced to Provide Additional Transparency and Facilitate Mortgage Switching

    New Requirements Introduced to Provide Additional Transparency and Facilitate Mortgage Switching

Following a public consultation process, the Central Bank is introducing changes to the Consumer Protection Code 2012 to help consumers make savings on their mortgage repayments, provide additional protections to consumers who are eligible to switch, and facilitate mortgage switching through enhancing the transparency of the mortgage framework. These changes build on the strong framework […]

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How to Make European Tech Companies Thrive

    How to Make European Tech Companies Thrive

An EU-wide database that pulls together all available information on financing for European tech companies; that is one of the recommendations of a new report prepared by the joint European Commission–European Investment Bank (EIB) InnovFin Advisory. It is also suggested to create a tool that helps investors to better understand the technical and economic viability […]

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European Commission Takes Action For a More Competitive and Innovative Financial Market

    European Commission Takes Action For a More Competitive and Innovative Financial Market

The European Commission has unveiled an Action Plan on how to harness the opportunities presented by technology-enabled innovation in financial services (FinTech). Europe should become a global hub for FinTech, with EU businesses and investors able to make most of the advantages offered by the Single Market in this fast-moving sector.
As a first major deliverable, […]

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Fine Grain Property acquires 60,000 square feet office development in Cork Airport Business Park

    Fine Grain Property acquires 60,000 square feet office development in Cork Airport Business Park

New Year, new acquisition! Fine Grain Property is delighted to announce it has acquired a 60,000 square feet office development in Cork Airport Business Park. Plans are already afoot to carry out some important improvements to the Building that will benefit its existing tenants, including Aviva, Aon Hewitt, JLT and Genesis. In addition, a significant […]

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Ireland Deepens its International Links in Developing Green Finance

    Ireland Deepens its International Links in Developing Green Finance

Ireland is represented in a major new international partnership to drive the global growth in green finance and sustainable investment, which was launched recently in London. Sustainable Nation Ireland,  the body that promotes Ireland as hub for green finance, is part of  the Northern European Partnership for Sustainable Finance (NEPSF), which was launched at its […]

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BPFI Mortgage Figures – Trend in Right Direction But Supply is Primary Impediment

    BPFI Mortgage Figures – Trend in Right Direction But Supply is Primary Impediment

The latest Banking and Payments Federation Ireland figures showing very steady improvement in mortgage lending is to be welcomed but the big impediment keeping the market out of kilter with what could be considered the norm is the massive deficit in supply, according to Brokers Ireland.
Rachel McGovern, Director of Financial Services at Brokers Ireland.
Rachel McGovern, […]

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Record Year For Kingspan

    Record Year For Kingspan

Kingspan, the global leader in high performance insulation and building envelope solutions, has reported its preliminary results for the year ended 31 December 2017.
2017 was a significant year for Kingspan which, despite its challenges, was a record period for the group. Revenue rose by 18.0% to €3.7 billion, and trading profit grew by 10.7% to […]

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Rebuilding Ireland Home Loan Introduced

    Rebuilding Ireland Home Loan Introduced

The Rebuilding Ireland Home Loan, a new Government-backed mortgage for first-time buyers, will be available nationwide from local authorities from Thursday, 1 February 2018. The loan can be used both for new and second-hand properties, or to build your own home.
In line with Central Bank rules, a person or couple can borrow up to 90% […]

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Approval For Irish Support Scheme For SMEs

    Approval For Irish Support Scheme For SMEs

The European Commission has approved under EU State aid rules an Irish scheme to reduce the taxation of employee share options for SMEs. The scheme will allow small and medium-sized companies to recruit and retain employees without unduly distorting competition in the Single Market.
Under the Irish support scheme, employees of small and medium-size companies (SMEs) […]

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Ornua Signs New €610 Million Bank Facility to Support Continued Dairy Industry Growth

    Ornua Signs New €610 Million Bank Facility to Support Continued Dairy Industry Growth

Ornua, the largest exporter of primary Irish dairy products with annualised sales of about €2 billion across 110 countries, has secured new five-year syndicated bank facilities of €610 million, replacing its existing €420 million syndicated bank facilities from February 2014. The new facilities will extend to November 2022, and Ornua’s early refinancing of the existing […]

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Largest Ever European Investment Bank Support in Ireland

    Largest Ever European Investment Bank Support in Ireland

The European Investment Bank is to provide a loan of €490 million to support construction of the new children’s hospital in Dublin. This represents the largest ever financial engagement by the European Union’s long-term lending institution in Ireland and the EIB’s first backing for a hospital in the country.
The new children’s hospital project includes two […]

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EIF and SBCI Triple New Financing For Irish SMEs to €330 Million

    EIF and SBCI Triple New Financing For Irish SMEs to €330 Million

The European Investment Fund (part of the EIB Group) and the Strategic Banking Corporation of Ireland (SBCI) have tripled their finance for Irish SMEs under the COSME programme in Ireland with a new increase to €330 million. The deal means that from 2018, in total, an expected 10,000 companies in all sectors across Ireland will […]

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EIB Backs Re-development of Limerick and Confirms New Irish Urban Investment Plans

    EIB Backs Re-development of Limerick and Confirms New Irish Urban Investment Plans

Limerick’s economic resurgence has taken another giant step forward as the European Investment Bank (EIB) confirmed a record commitment for an urban Ireland investment programme for the city. EIB will commit to €85million in lending to Limerick City and County Council to be spent on transforming the 1.62 hectare Opera Site in the city centre […]

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HBAN to Boost Angel Investment to €25 Million Per Year By 2020

    HBAN to Boost Angel Investment to €25 Million Per Year By 2020

HBAN (Halo Business Angel Network), the all-island group responsible for the promotion of business angel investment in Ireland, plans to increase the amount invested in Irish start-ups by HBAN angels to €25 million per year by 2020. This will see HBAN increasing angel investment by 17% per year for the next four years.
A key focus will […]

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ProVision Secures a €1,000,000 Investment From Suir Valley Ventures

    ProVision Secures a €1,000,000 Investment From Suir Valley Ventures

Suir Valley Ventures, the entrepreneur-led venture capital fund, launched in February 2017, has, together with private investors, invested a combined total of €1,000,000 in ProVision Vehicle Cameras, a leading Internet of Things (‘IoT’) company focused on providing advanced fleet and driver management systems. This is Suir’s fourth investment and follows closely on the heels of […]

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FEXCO Expands Further in the UK

    FEXCO Expands Further in the UK

FEXCO, one of Ireland’s most successful multinational financial services companies is about to complete its latest acquisition in the UK. This will be FEXCO’s seventh acquisition in the UK over the last five years, positioning the company as one of the largest specialist high street Retail FX operators in the UK and the largest one […]

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MetLife Opens World-class Global Technology Campus in Galway

    MetLife Opens World-class Global Technology Campus in Galway

MetLife, which is one of  the world’s leading financial services companies, has officially celebrated the opening of a new Global Technology Campus in Galway. With plans to employ approximately 200 skilled IT professionals when at full capacity, the new campus represents a major investment in the digital initiatives that will help MetLife transform its customers’ […]

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European Commission Approves Sixth Prolongation of Irish Credit Union Restructuring Scheme

The European Commission has found the prolongation until 30 April 2018 of an Irish scheme aimed at restructuring credit unions, to be in line with EU state aid rules, and in particular the 2013 Banking Communication. The objective of the scheme is to underpin the stability and long-term viability of credit unions and the credit union sector […]

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EU Reaches Agreement on First Key Measures of Banking Reform

    EU Reaches Agreement on First Key Measures of Banking Reform

The European Parliament, the Council and the Commission have agreed on elements of the review of the Bank Recovery and Resolution Directive (BRRD) and of the Capital Requirements Regulation (CRR) and Directive (CRD) proposed in November 2016, an important piece of the Commission’s ongoing work to reduce risk in the banking sector and in line with […]

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Report Shows Ongoing Consolidation in European Banking Sector

    Report Shows Ongoing Consolidation in European Banking Sector

The number of credit institutions in the euro area banking sector declined by 25% between 2008 and 2016, according to the ECB’s 2017 Report on financial structures (RFS). On an unconsolidated basis, the number of credit institutions at the end of 2016 was 5,073, having fallen from 5,474 at the end of 2015. On a […]

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Ireland’s First Syndicated Property Finance Platform Launched

    Ireland’s First Syndicated Property Finance Platform Launched

Initiative Ireland has launched Ireland’s first syndicated property finance platform (www.initiativeireland.ie). The launch coincides with the company’s pre-approval of a €1.5 million secured loan, which has been approved for funding via the platform. The largest crowd-lending loan approved to date in Ireland, the loan will fund the development of 10 social housing apartments and a […]

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€60 Million Backing For NUI Galway Campus Development

    €60 Million Backing For NUI Galway Campus Development

The European Investment Bank will provide €60 million towards development of the NUI Galway campus. The first ever loan to the university from Europe’s long-term lending institution will finance construction of campus developments including new student residences and a new building for the College of Medicine, Nursing and Health Sciences.
Dr Jim Browne, President of NUI […]

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Budget Will be Positive For Jobs and Investment – Ibec

    Budget Will be Positive For Jobs and Investment – Ibec

Ibec, the group that represents Irish business, has reacted positively to Budget 2018, stating that it will help support further job creation and business investment. It noted that while the scale of resources for new measures was limited this year, important policy shifts on personal tax and infrastructure will underpin business confidence.
Ibec CEO Danny McCoy […]

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Global insurer XL Group selects Dublin for EU insurance carrier business

    Global insurer XL Group selects Dublin for EU insurance carrier business

An Taoiseach Leo Varadkar and Tánaiste Frances Fitzgerald, along with IDA Ireland have welcomed the announcement by XL Group that it has selected Dublin as its preferred location for its principal European Union (“EU”) insurance company, XL Insurance Company SE (“XLICSE”).
XL Group has had insurance operations in Dublin since 1990, when it opened its first […]

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Irish Stock Exchange 2016 profits up 21% to €8m

    Irish Stock Exchange 2016 profits up 21% to €8m

The Irish Stock Exchange (ISE) plc has recorded another strong financial year with results published this week showing a 21% rise in profit after tax to €8m (2015: €6.6m). Revenues grew by 6% to €29.2m and total assets rose by 22% to €64.2m. With over 35,000 securities quoted on its markets from issuers located in 85 […]

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Minister Donohoe publishes Review of Ireland’s Corporation Tax Code

    Minister Donohoe publishes Review of Ireland’s Corporation Tax Code

The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe, has published the Review of Ireland’s Corporation Tax Code, undertaken by Mr Seamus Coffey.
Mr Coffey was appointed as an independent expert in October 2016 to review Ireland’s corporation tax code. The terms of reference for the review included: tax transparency; avoiding preferential treatment; further implementing […]

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Graebel Companies to create 125 new jobs in Dundalk

    Graebel Companies to create 125 new jobs in Dundalk

An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald recently joined Bill Graebel, CEO of Graebel Companies Inc., to announce the official opening of the company’s newly established Europe Middle East and Africa (EMEA) Financial Shared Services and Operations Centre in Dundalk. The creation of 125 new jobs within the next three years […]

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Medium sized enterprises most satisfied with government

    Medium sized enterprises most satisfied with government

ISME has published the results of its latest Government Satisfaction Survey, showing that SMEs overall satisfaction with the Government experienced another improvement on the previous quarter. The Association welcomes the fact that this is the second overall improvement this year. Business costs still remain the biggest issue for SMEs, along with Government’s handling of the […]

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Kabbage secures $250m funding

    Kabbage secures $250m funding

Kabbage, a company with some 115,000 customers and $3.5 billion in loans that has built an automated platform for lending money to small businesses and individuals using data points to determine a customer’s credit score, has announced SoftBank Group is investing $250 million in the company. The money will be used to expand into the […]

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Bank of America to locate EU legal entities to Dublin

    Bank of America to locate EU legal entities to Dublin

IDA Ireland has welcomed Bank of America confirmation that it has chosen Dublin as the preferred location for its principal EU legal entities following the UK’s departure from the EU. Bank of America celebrates 50 years of operation next year in Ireland and Dublin is the home of more of its employees than any other […]

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Visa and PayPal extend partnership to Europe

    Visa and PayPal extend partnership to Europe

Visa and PayPal have announced an extension of their strategic partnership to Europe. The two companies are already collaborating in the US and Asia Pacific to accelerate the adoption of secure and convenient online, in-app and in-store payments. This latest step brings the benefits of the partnership to European consumers and businesses.
Additionally, PayPal – under […]

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Barclays to continue passported activity post-Brexit

    Barclays to continue passported activity post-Brexit

Barclays has announced that it plans to use its licensed EU subsidiary to allow it to continue passported activity post-Brexit. Martin Shanahan, CEO of IDA Ireland said: “This announcement by Barclays to extend activities at their Dublin base is a further endorsement of Ireland’s strong offering to the International Financial Services Sector.
“Ireland’s access to the […]

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Beazley plc to establish European insurance company in Dublin

    Beazley plc to establish European insurance company in Dublin

Insurance firm Beazley plc is to establish a European insurance company in Dublin. The company, which is an IDA Ireland client, will increase its European business from its Irish base. In order to expand its access to EU markets, Beazley plc has been granted a European insurance licence for its existing reinsurance company in Dublin. […]

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Davy Group acquires Danske bank wealth management business

    Davy Group acquires Danske bank wealth management business

The Davy Group has acquired Danske Bank UK’s discretionary portfolio management wealth business for an undisclosed sum.
The deal involves the transfer of the management of more than 1,100 Danske Bank customer investment portfolios, which are currently managed by the bank’s Belfast-based investment centre. The management of these investment portfolios is scheduled to move by the […]

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Major recruitment drive announced for Navan

    Major recruitment drive announced for Navan

Prepaid Financial Services (PFS) and its sister company eCOMM Merchant Solutions have announced that are launching a major recruitment drive to recruit for 28 jobs in Navan. HR Manager Lorna McCormack says: “We have a range of jobs to fill over the summer and autumn with positions in Software Development, Call Centre and Multilingual vacancies, […]

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Newly accredited financial services apprenticeship announced

    Newly accredited financial services apprenticeship announced

Financial Services Ireland (FSI) and the National College of Ireland (NCI) has announced two newly accredited International Financial Services paid apprenticeship schemes, aimed at both graduates and experienced professionals alike. There schemes will be two years in duration, with 80 spaces available and will begin in September this year.
Welcoming today’s announcement, Marc Coleman, Director of […]

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Bank of China opens Dublin branch

    Bank of China opens Dublin branch

Bank of China has announced the opening of its Dublin branch, in a sign of the growing importance of economic relations between Ireland and China. The Bank of China’s internationalisation strategy has seen it establish branches or subsidiaries in 16 countries within Europe.
The branch was officially opened at a ceremony held in Dublin, which was […]

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New CEO at Barclays Bank Ireland

    New CEO at Barclays Bank Ireland

Barclays Bank Ireland has announced the appointment of Kevin Wall as its new chief executive. He succeeds Sarah Wiggins who will take up a new role within Barclays as head of east and south east in UK corporate banking next month. Mr Wall joined Barclays in 1981 and has held a variety of roles across the business, […]

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BNY Mellon celebrates 15 years in Wexford

    BNY Mellon celebrates 15 years in Wexford

BNY Mellon, a global leader in investment management and investment servicing, is celebrating 15 years of operations in Wexford. BNY Mellon’s Irish operations currently employ over 1,600 people and offer a broad range of services including asset servicing, alternative investment services and corporate trust.
Commenting on BNY Mellon’s  anniversary, Head of International Financial Services Kieran Donoghue […]

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Northern Trust to add up to 400 new jobs in Limerick over next five years

    Northern Trust to add up to 400 new jobs in Limerick over next five years

The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor, Minister for Finance Michael Noonan and Northern Trust have announced that the company is to further expand its operations in Limerick by adding up to 400 new jobs over the next five years.
The expansion is supported by the Department of Jobs through IDA Ireland and […]

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Grant Thornton launches new Centre of Excellence

    Grant Thornton launches new Centre of Excellence

Grant Thornton has announced it is to create 250 new jobs across all areas of its business operations in Ireland. A significant number of the new posts will be in its Centre of Excellence, which provides a new framework for the delivery of global compliance and reporting services, from its base in Ireland.
Welcoming the announcement […]

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Linked Finance moves into UK market

    Linked Finance moves into UK market

Peer-to-Peer (P2P) lending platform Linked Finance has received full authorisation by the UK’s Financial Conduct Authority (FCA) which will enable it to move into the UK market. The approval comes as the Department of Finance initiates a public consultation process on the potential introduction of regulation of the P2P sector in Ireland.
The authorisation means that […]

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KBC Bank Ireland launches new fund for Ireland’s Bright Ideas

    KBC Bank Ireland launches new fund for Ireland’s Bright Ideas

BC Bank Ireland has announced that as part of KBC Bright Ideas it has doubled its support fund to €200,000 and launched a new scheme for Ireland’s leading social innovators and entrepreneurs. KBC’s Business Bright Ideas will assist for-profit organisations in the business of having a positive impact on a city or community by addressing […]

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IDA Ireland welcomes JP Morgan’s expansion announcement in Dublin

    IDA Ireland welcomes JP Morgan’s expansion announcement in Dublin

IDA Ireland has welcomed JP Morgan’s announcement that it will be expanding its operations significantly in Dublin. The global financial services company has been in Ireland since 1968 and currently employs 500 people here. The company is to acquire a 130,000sq ft building in the heart of Dublin’s docklands in a move that will provide […]

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InterTradeIreland Seedcorn competition launches for 2017

    InterTradeIreland Seedcorn competition launches for 2017

Early and new start companies across Ireland are being encouraged to enter the 15th annual Seedcorn Investor Readiness Competition to be in with a chance of competing for a no-equity total cash prize fund of €280,000. At a time where it is competitive to get seed funding, the competition is a great avenue for ambitious […]

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FundRock opens new Dublin office

    FundRock opens new Dublin office

FundRock Management Company S.A., a leading independent UCITS Fund Management Company and AIFM (Alternative Investment Fund Manager), has opened its new office in Dublin and has also announced that it plans to hire up to 20 people by the end of 2019. The new office is part of FundRock’s growing presence in three of the […]

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€44m investment in early stage funding for high growth companies announced

    €44m investment in early stage funding for high growth companies announced

The Minister for Jobs, Enterprise & Innovation, Mary Mitchell O’Connor has announced that up to €44 million is being made available for co-investment in Seed and early stage growth companies and through Enterprise Ireland has issued an open competitive call to fund managers to signal their interest in establishing funds. This investment will leverage private […]

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New ESRI research examines sensitivity of income tax and USC revenues to changes in income

    New ESRI research examines sensitivity of income tax and USC revenues to changes in income

Income tax (including USC) is the largest individual source of tax revenue in Ireland, accounting for over 35% of the total. According to the ESRI, fluctuations in this source of revenue have a significant bearing on the total tax revenue.
Research from the Institute has found that income tax revenue automatically increases by 2% for every […]

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22 Ulster Bank branches to close in Republic

    22 Ulster Bank branches to close in Republic

As part of a major restructuring of the business, Ulster Bank has announced it will close 22 of its branches in the Republic by the end of September. The restructuring will also result in 220 redundancies and approximately 8% of its workforce leaving the business.
Staff were informed of the bank’s plans on Thursday and have […]

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ISIF invests €50m in Reverence Capital Partners Opportunities Fund

    ISIF invests €50m in Reverence Capital Partners Opportunities Fund

A fund run by former executives at Goldman Sachs has received €50m from the Irish Strategic Investment Fund (ISIF) to develop financial services jobs in Ireland.
Reverence Capital Partners Opportunities Fund has received €50 million from the Irish Strategic Investment Fund (ISIF) to develop financial services jobs in Ireland. Run by former Goldman Sachs bankers Milton […]

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Luxembourg and not Dublin for AIG’s post-Brexit EU base

    Luxembourg and not Dublin for AIG’s post-Brexit EU base

Hopes that global insurer AIG might relocate its European regional HQ to Dublin from London have been dashed, with Luxembourg selected for the switch. This is despite a strong pitch made by the IDA and Government to AIG for Dublin to become the new regional headquarters. It is understood Dublin finished as runner-up to Luxembourg […]

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AIB Announce Pre-Tax Profits of €1.7 Billion

    AIB Announce Pre-Tax Profits of €1.7 Billion

AIB announced annual pre-tax profits of €1.7 Billion and proposed a dividend of €250 million on Thursday. In a statement, AIB said that the profits were driven by strong sustainable business performance, net credit provision writebacks of €294million and one-off benefits including the Visa Europe transaction.
“2016 has been another milestone year for AIB Group,” AIB CEO […]

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