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Government aims for 5,000 new financial sector jobs in 3 years

The Government wants to create 5,000 new financial sector jobs in the next three years.

f achieved it will boost the number of jobs in the sector to almost 58,000 by the end of 2026, the Government said in an update to its three-year-old Ireland for Finance strategy.

Junior Minister for Financial Services Seán Fleming said the sector was “fast growing” and that it was necessary to “refocus policy in response to all the changes both industry and society have experienced in recent years”.

“The sustainable and digital transitions feature prominently as great opportunities for Ireland’s economy,” he said on Monday.

“Partnership between the private and public sector is at the heart of this strategy. It is key to ensuring Ireland has the right education mix to meet the demands of industry in the future. Our job targets are ambitious but can be met with everyone working together.”

The updated strategy will focus on green finance, fintech, boosting skills and attracting foreign workers, encouraging firms to set up outside of Dublin and ensuring the right “operating environment” for firms.

The financial and real estate sector posted the second-highest job vacancy rate in the economy in the second quarter of this year, almost twice the average rate.

Hourly pay in the sector is the third-highest in the economy after IT and education, according to the Central Statistics Office, and has grown by almost 22pc in the last five years.

The strategy document says employment in the sector has never been as high.

Ireland is the world’s third-largest domicile for investment funds and Europe’s second largest, after Luxembourg, with €4.1trn in assets under management at the end of 2021.

Most funds manage non-Irish assets on behalf of foreign investors.

The International Monetary Fund has warned about the concentration of property funds in Ireland, which it said could “act as a channel of contagion for global financial shocks”.

It said earlier this year that the implementation of global and EU rules in Ireland needs to “continue to keep pace” with the growing financial system.

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