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Friday, 19th April 2024
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Jobs in banks and finance continue to grow Back  
Irish financial institutions currently employ around 38,000 people, the Irish Bankers’ Federation (IBF) Facts & Figures 2004 reveals, with an additional 4,500 new jobs created during 2002. The figures are consistent with results for IFSC jobs in 2002 in Dublin as compiled in the Finance Dublin Yearbook 2003. The 2004 Yearbook will be published in March, showing job creation for 2003, and initial indications for 2004 are positive with Merrill Lynch leading the way in projected employment for 2004 (185 jobs). (See separate story (left on this page).
Employment by both clearing banks (AIB Group, Bank of Ireland Group, National Irish Bank Ltd, permanent tsb and Ulster Bank Group) and members of the Federation of International Banks in Ireland (FIBI) is up by over 16 per cent on 2000.

Clearing banks accounted for 84.5 per cent of all employees in 2002, employing 32,200 people.

Employment in the international banks, such as Rabobank and Merrill Lynch, continues to grow, and increased by 26 per cent in 2002.

The figures are consistent with results for IFSC jobs in 2002 in Dublin as compiled in the Finance Dublin Yearbook 2003. The 2004 Yearbook will be published in March, showing job creation for 2003.

According to the report, banks are also major contributors to Gross Domestic Product (GDP), with the amount increasing consistently every year, standing at 4.6% of GDP by IBF members in 2002, up from 4% in 2001.

Diarmuid Bradley, chief operating officer with permanent tsb and incoming president of the Irish Bankers’ Federation, said, ‘These figures demonstrate the success of the banking industry in generating good employment for large numbers of people and in making a hugely important contribution to the well-being of the Irish economy and society’.

Financial institutions are important contributors to Government revenue, say the IBF, with E1.3 billion paid in taxes in 2002.

A further €3.7 billion was absorbed into the economy, through expenditure by financial institutions on services, capital projects, salaries, etc.

Payment card usage increased significantly during 2003, with figures for the five clearing banks showing that there were over 75 transactions per ATM card, 55 transactions per Laser debit card and 40 transactions per credit card.

Figures for 2002 and 2003 indicate that the amount spent per transaction on credit cards has remained relatively static since 2000, with €88 spent per transaction in 2003, compared to €86 in 2000.

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