Banking and Financial Services in Ireland
Credit institutions (comprising banks, building societies and credit unions) in Ireland had some €1,025 billion in assets in 2011. 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
Gross value added by banks in 2009 was €7.3 billion.
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 €163 billion in deposits from Irish private-sector customers, including €91 billion from households.
They provide access to credit for business and households:
- more than €40 billion in credit to private-sector businesses (excluding financial intermediation and property-related sectors), including some €26 billion to SMEs
- some €131 billion for residential mortgages (including securitised mortgages)
- some 14,000 new mortgages worth €2.5 billion in 2011, including 6,300 mortgages for first-time buyers and 4,200 for buyers moving home
Sources: Central Bank of Ireland, Central Statistics Office, Irish Banking Federation, Irish Payment Services Organisation