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Economy and Banking Sector of Ireland

Financial Market Development

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).

Financial Market Development in Ireland.

Chart 1. Financial Market Development in Ireland. Source: WEF.


Soundness of banks is scored 4.0 bringing Ireland into the 109th place.

Soundness of Banks in Ireland.

Chart 2. Soundness of Banks in Ireland. Source: WEF.

Further Information

Deposit Guarantee Scheme

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:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Ireland are summarised in Table 1.

Scheme Participantsall credit institutions operating in Ireland, branches of non-EEA banks, branches of Irish banks abroad
Scheme Exemptionsbranches of EEA-banks (covered by their home countries)
Eligible Depositorsindividuals, small companies, partnerships, clubs, associations, schools
Covered Accountsany 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 Amount100,000 EUR
Paid In CurrencyEUR

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.

Further Information

Country Ceiling for Deposits

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).

Banking Supervision

Central Bank of Ireland

Banking Sector Structure

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.

Consolidated banking assets in Ireland.

Chart 3. Consolidated banking assets in Ireland.

Recent structural changes (2013 - 2018) of the banking sector of Ireland are summarised in Table 2.

201320142015201620172018
Number of Opened Banks132244
Number of Closed Banks71433442514

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.

NameStart 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.

CategoryNumber of Banks
Banks28
Branches of foreign banks41
Central banks1
Credit unions281

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 OriginNumber of Branches
 United Kingdom9
 France7
 Germany6
 Luxembourg6
 Netherlands5
 Belgium2
 Switzerland1
 Liechtenstein1
 Italy1
 Malta1

Table 5. Number of branches of foreign banks in Ireland grouped by country of origin.