Ireland’s financial services industry can lead on European reform
“Ireland has come a long way to emerge as a global hub for financial services, and it is now important that we continue to evolve as we face a period of heightened competition worldwide”, said Declan Bolger, Chair of Financial Services Ireland, Ibec and CEO of Irish Life Group.
Speaking to business leaders at the Annual Financial Services Ireland (FSI) Lunch, sponsored by KPMG Ireland, Mr Bolger described how 2026 has potential to be a landmark year for Ireland as it takes on the presidency of the Council of the EU, but outside forces could also make it a challenging one.
“The on-off trade war of 2025 brought a great deal of disruption to the global economy, which has continued in 2026 as the war in Iran has had serious knock-on effects for global supply chains, particularly in energy.”
The geopolitical upheaval of recent years hasn’t been overly damaging to Ireland’s economy or our financial services industry to date, which Mr Bolger ascribes to the strong foundations in place.
“Ireland has proven resilient and is well-positioned not just to weather these storms but to shape European financial services. At the heart of this growth is trust. It is trust in our people. Trust in our firms. Trust in our regulators and trust in Ireland’s commitment to global openness and innovation.”
MEP for Dublin Regina Doherty was Guest of Honour at the FSI event and also highlighted the intense competition the EU now faces on the global stage, most notably from the US and China. In her view, this increases the need for a more unified front between member states, which Ireland should promote during its presidency.
“For six months we will be in the driving seat of EU policy negotiations. We should deepen and expand cooperation with other member states, including from outside the traditional pool, in favour of a competitive, dynamic, and responsive financial sector that can operate across borders.”
In particular, Ms Doherty believes Ireland should use its position as a major European financial centre to drive reform in financial services.
“Promoting investment and the Savings and Investment Union are areas where Irish leadership in Europe is really needed…I believe it should be one of the focal points for our presidency. Governments also need to remove barriers to retail investment across the EU. This includes offering attractive investment options for people and also removing deemed disposal for investment funds.”
A key part of the EU’s Savings and Investment Union goals is to introduce retail investment accounts across member states. FSI has been leading a cross-sectoral campaign on this and welcomes the commitment by Tánaiste Simon Harris to soon launch the design principles for a Personal Investment Account, with tax measures also to be announced in the upcoming Budget.
New Amarach research, commissioned by FSI, to help guide the development of the new account, shows that the top desired features for a retail investment account are that it is easy to understand; has higher potential returns; allows flexible contributions to suit a person’s ability to save; and has tax incentives. Approximately 30% also agree they have money to invest but don’t know what to do with it, peaking at 38% for those aged 25-44.
“Personal Investment Accounts will be an important part of developing a retail investment culture in Ireland. In conjunction with targeted financial literacy campaigns, these accounts should be simple to understand, available to all adults equally, and will contribute to improving financial resilience across Irish society”, concluded Mr Bolger.
ENDS
For media queries:
David Keelaghan
Senior Strategic Communications Executive, FSI
david.keelaghan@ibec.ie
087-396-0690
About FSI
Financial Services Ireland (FSI) Group is the Ibec group representing the full suite of financial services companies in Ireland. Our ~150 members are involved in banking, insurance, fund administration, investment management, corporate treasury, international financial services, aircraft leasing, securitisation and fintech. Established in 1984, FSI supports the development of the financial services industry both at domestic and international levels. We bring together multiple financial services sectors and channel industry issues through FSI's and Ibec's powerful advocacy voice. Our network is structured around core working groups, member forums, networking events and initiatives, which are the primary enablers of our strategy.
