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

• 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