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Employment grows by over 13 per cent in 2002 Back  
Employment in international financial services in Ireland grows by over 13 per cent.
Total employment in international financial services in Ireland grew by over 13 per cent last year according to the IDA’s annual report.

While the number of companies operating in the sector fell from 286 to 252 the number of employees working in this sector grew from 7,960 at the end of 2001 to 9,042 for 2002.
The report highlighted several developments over the past year, which the IDA says demonstrates the diversification of the international financial services sector and also ‘highlight its importance in regional economic development.’

Several key developments as highlighted by the IDA are the expansion of MBNA in Carrick-on-Shannon and AOL in Waterford, Churchill Insurance opening a major facility in Galway, GMAC adding a significant IT development centre to its operations in Mullingar and Schlumberger establishing its data centre in Cork.
Commenting on the growth, Sean Dorgan, chief executive of the IDA said, ‘With the new 12.5 per cent corporate tax regime now in full operation we hope to be able to leverage further development and expansion in these services sectors’.

Overall employment fell by 2.2 per cent during the year in IDA supported companies, from 136,125 jobs in 2001 to 133,084 in 2002. Electronic and engineering fared the worst, with 3,167 jobs going in this sector.

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