Reporting extended to ‘special vehicle’ firms

The Central Bank plans to extend reporting requirements on the activities of financial corporation vehicles which are registered here but service financial activities across the global economy.

There are over a thousand financial vehicle corporations and special purpose vehicles registered in Ireland, a Central Bank study has revealed.

It said there is a “significant non-bank financial sector” such as international money funds based in the country. Such corporations are linked to the international economy, and have few direct links to the Irish economy.