Report lauds IFSC contribution to economy

The International Financial Services Centre (IFSC) in Dublin is thriving and a huge boost to the Irish economy, according to a new report.

The study, carried out by Accenture, examined the economic contribution of the IFSC and performance of the sector, over the last two years.

The IFSC accounts for an estimated 7.4% of GDP, and represents almost 5% of EU cross border financial services, it said.

The study was commissioned by Financial Services Ireland, part of IBEC.

"The report shows the international financial services sector has over 500 firms employing 32,700 people with a payroll of €1.97bn," said IBEC Director General Danny McCoy.

"The export of financial services from companies based in the IFSC contributes €2.1bn in tax annually, including 36% of the total corporation tax take.

"IFSC employment is high-end, knowledge economy jobs with the average salary estimated at more than €60k per annum. “

Taoiseach Brian Cowen said the IFSC, approaching its 25th anniversary, should be "proud of its success."