| Financial Market Development |
|---|
| 4.0 (max 7.0), 69th out of 138 countries |
| Banks' Soundness |
| 4.0 (max 7.0), 109th out of 138 countries |
According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Ireland is scored 4.0 out of maximum 7.0 and ranked 69th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 4.3 (67th place).
Chart 1. Financial Market Development in Ireland. Source: WEF.
Soundness of banks is scored 4.0 bringing Ireland into the 109th place.
Chart 2. Soundness of Banks in Ireland. Source: WEF.
| Maximum Protected Amount |
|---|
| 100,000 EUR |
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Ireland are summarised in Table 1.
| Scheme Participants | all credit institutions operating in Ireland, branches of non-EEA banks, branches of Irish banks abroad |
|---|---|
| Scheme Exemptions | branches of EEA-banks (covered by their home countries) |
| Eligible Depositors | individuals, small companies, partnerships, clubs, associations, schools |
| Covered Accounts | any credit balance on an account with a bank (for example, current accounts, demand deposit accounts, notice deposit account, certificates of deposit,fixed-term deposit accounts,share accounts in a building society or credit union,deposit element of structured deposits/tracker bonds may also be eligible,credit balances on credit cards issued by credit institutions may also be eligible) |
| Maximum Protected Amount | 100,000 EUR |
| Paid In Currency | EUR |
Table 1. Deposit guarantee scheme in Ireland.
EEA stands for European Economic Area and consists of all EU member states plus Liechtenstein, Norway and Iceland.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
| Local Currency (Euro) |
|---|
| Aaa (prime) |
| Foreign Currency |
| Aaa (prime) |
Local currency (Euro) deposit ceiling for Ireland is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
| Number of Banks |
|---|
| 351 |
| Consolidated Assets (2017) |
| 428.19 bln EUR (-2.48%) |
| Recent Changes (2018) |
| new banks: 4, closed banks: 14 |
Currently there are 351 credit institutions operating in Ireland.
In 2017 consolidated banking assets in Ireland were 428.19 bln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.
Chart 3. Consolidated banking assets in Ireland.
Recent structural changes (2013 - 2018) of the banking sector of Ireland are summarised in Table 2.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|---|
| Number of Opened Banks | 1 | 3 | 2 | 2 | 4 | 4 |
| Number of Closed Banks | 7 | 14 | 33 | 44 | 25 | 14 |
Table 2. Recent structural changes in the banking sector of Ireland.
The list of the most recently opened banks in Ireland is provided in Table 3.
| Name | Start Date |
|---|---|
 J.P. Morgan Bank Luxembourg S.A., Dublin branch (new) | December 2018 |
 Bank Julius Baer Europe S.A. (new) | December 2018 |
| Sparkasse Bank Malta plc (new) | April 2018 |
 Crédit Suisse (Luxembourg) SA (new) | January 2018 |
 Close Brothers Limited (new) | December 2017 |
 Bank of China (UK) Limited (new) | July 2017 |
 Caceis Bank (new) | January 2017 |
 Fca Bank S.p.a. (new) | January 2017 |
 Opel Bank GmbH (new) | November 2016 |
 LGT Bank AG (new) | November 2016 |
Table 3. The most recently opened banks in Ireland.
All the credit institutions operating in Ireland can be classified into several categories. Table 4 summarises the number of banks in each category.
| Category | Number of Banks |
|---|---|
| Banks | 28 |
| Branches of foreign banks | 41 |
| Central banks | 1 |
| Credit unions | 281 |
Table 4. Number of banks by category in Ireland.
There are 41 branches of foreign banks from 12 different countries in Ireland. Table 5 shows 10 countries having the biggest number of branches in Ireland.
| Country of Origin | Number of Branches |
|---|---|
 United Kingdom | 9 |
 France | 7 |
 Germany | 6 |
 Luxembourg | 6 |
 Netherlands | 5 |
 Belgium | 2 |
 Switzerland | 1 |
 Liechtenstein | 1 |
 Italy | 1 |
 Malta | 1 |
Table 5. Number of branches of foreign banks in Ireland grouped by country of origin.
