Banking and Financial Services in Ireland

Credit institutions in Ireland had some €1,168 billion in assets in 2010.  They employed some 40,000 people nationwide.

Financial services makes a major contribution to the Irish economy.  It accounts for:

• some 10.2% of gross value added
• 11.1% on net tax receipts
• 5.8% of private-sector employment

What do banks and building societies do?

They provide convenient, secure payment services and access to cash:

• some 800 branches and 3,300 ATMs around the country
• facilitating 688 million payments of almost €779 billion by card, cheque, direct debit and credit transfer
• some 196 cash withdrawals at ATMs and payment terminals of €22.9 billion in cash
• some €168.3 billion in deposits from Irish private-sector customers, including €89.2 billion from private households.

They provide access to credit for business and households:

• more than €41 billion in credit to private-sector businesses (excluding financial intermediation and property-related sectors), including at least €27 billion to SMEs
• some €136 billion for residential mortgages (including securitised mortgages)
• some 27,000 new mortgages worth €4.7 billion in 2010, including almost 10,600 mortgages for first-time buyers and 6,500 for buyers moving home

• IBF Research
• IBF Statistics

Statistical Sources

• Statcentral.ie
• Central Statistics Office
• Department of Finance
• Central Bank of Ireland
• IPSO
• Eurostat
• European Central Bank
• Bank for International Settlements
• International Monetary Fund
• OECD