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Monday, 27th January 2020
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Dublin jumps ahead of rivals
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By jumping up seven places Dublin is now ranked as a more important financial centre than key rivals according to a new survey. Dublin has over-taken close competitors the Channel Islands, Bermuda and the Cayman Islands in a global financial services centres league table.
First published in March 2007, the City of London Corporation’s Global Financial Centres Index (GFCI), which is an index of competitiveness between 46 of the world’s financial cities, ranked Dublin in 22nd place, behind the above centres, but ahead of Luxembourg. However, in its second, just published ranking, Dublin has jumped up seven places to 15th, lying just behind Boston, Toronto and San Francisco. London has held onto its position as the leading global centre, followed by New York, Hong Kong, Singapore and Zurich.

In the survey Dublin is described as being one of the ‘leaders’ of the global financial services sector, ahead of ‘evolving’ centres like Dubai, and ‘minor’ centres like Mumbai.

When the top financial centres are examined by just business environment factors, Dublin scores better, moving up into 10th place, with Ireland’s strong regulatory environment cited as the factor behind this good performance.

The latest survey also gives a breakdown of importance of financial centre by sector, with asset management respondents giving Dublin a better rating, of 9th place, than close competitor Luxembourg, which lies just behind in 10th.

Although the survey argues that its insurance sample is not statistically significant as it is based on a small number of respondents, Dublin is placed in 4th position, behind London, New York and Zurich.
Other highlights of the survey include the fact that amongst European survey participants, Dublin is the fourth most ‘frequently assessed’ European financial centre, behind London, Paris and Frankfurt and ahead of Zurich.

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