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Given the success of the Irish Financial Services Centre over the past fifteen years and now administering over one trillion US dollars in world assets, will Ireland always be seen as a leading domicile in this arena?

Leonard, Sonia (2007) Given the success of the Irish Financial Services Centre over the past fifteen years and now administering over one trillion US dollars in world assets, will Ireland always be seen as a leading domicile in this arena? Undergraduate thesis, Dublin, National College of Ireland.

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Abstract

With the development of additional financial services centres across the globe it has become apparent that Ireland must keep its competitive advantage. Given the success of the Irish mutual hnds industry and the creation of the Irish Financial Services Centre, why is that the largest financial institutions are attracted to our country? Due to significant changes that the industry in Ireland has witnessed over the last fifteen years this thesis will outline why financial institutions will be attracted to Ireland and how Ireland can remain competitive in an ever changing and expanding marketplace. Studies have shown that leading professionals within the Irish industry are confident this trend will continue. Ireland's main competitors are currently at a disadvantage as their current infrastructure is not fully developed, it is estimated that a third of global hedge funds are serviced in Ireland making it the largest hedge fund administration centre in the world. Overall, Ireland is now servicing one trillion dollars worth of the global assets. How can the product Ireland offers remain current and competitive in such a vast changing global financial climate?

Given the fact that a number of minimum activities must remain in Ireland for the service provided to financial institutions, my argument is can Ireland sustain this in light of the more cost effective financial service centres in the world such as India and Dubai?

I have chosen this area due to my experience in the financial services sector in Dublin over the past nine years. This area has become more than a passing interest to me as I have chosen this as a career path.

I have completed this thesis by carrying out both secondary and primary research. Given that the Irish industry is only fifteen years old, the main source of information has come from journals, magazines, and articles. In order to get a first hand knowledge I interviewed a senior professional in the industry. This individual has worked both in the United States where the industry is well established and has been working in the Dublin industry now for the past ten years.

Upon completion of this paper I have learned that this industry has not only attracted highly educated people in our country but now the workforce consists of a broad range of professionals from across the globe. There are no signs of this industry slowing down as the assets under administration serviced in Ireland continue to grow at a record pace.

The financial services industry within Ireland contributes to the economic success Ireland has witnessed over the last fifteen years. Without the advent of the IFSC who knows if Ireland could have been a major European economic force as it is today.

Item Type: Thesis (Undergraduate)
Subjects: H Social Sciences > HG Finance > International Finance. International Monetary System
H Social Sciences > HG Finance > Financial Services > Irish Financial Services Centre
Divisions: School of Business > BA (Honours) in Financial Services
Depositing User: SINEAD CORCORAN
Date Deposited: 10 May 2011 10:23
Last Modified: 03 Dec 2014 13:31
URI: http://trap.ncirl.ie/id/eprint/512

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