The government aims to create 5,000 new jobs in the financial sector within three years

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

If that is achieved, the number of jobs in the sector will rise to almost 58,000 by the end of 2026, the government said in an update to its three-year-old Ireland for Finance strategy.

Seán Fleming, Secretary of State for Financial Services, said the sector was growing “rapidly” and that there was a need to “refocus policies in response to all the changes that both the industry and society have seen in recent years”.

“The sustainable and digital transitions present outstanding opportunities for Ireland’s economy,” he said on Monday.

“The partnership between the private and public sectors is at the heart of this strategy. It is key to ensuring Ireland has the right mix of education to meet the needs of industry going forward. Our professional goals are ambitious, but we can achieve them together.”

The updated strategy will focus on green finance, fintech, boosting skills and attracting foreign workers, encouraging companies to locate outside of Dublin and ensuring the right ‘operating environment’ for businesses.

The financial and real estate sectors recorded the second-highest job vacancy rate in the economy in the second quarter of this year, nearly double the average.

Hourly wages in the industry are the third-highest in the economy after IT and education, according to the National Statistics Office, and have risen by nearly 22 percent over the past five years.

The strategy document states that employment in this sector has never been higher.

Ireland is the world’s third largest investment fund domicile and Europe’s second largest after Luxembourg with €4.1 trillion in assets under management at the end of 2021.

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

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

Earlier this year it said that Ireland’s implementation of global and EU regulations “must continue to keep pace” with the growing financial system. The government aims to create 5,000 new jobs in the financial sector within three years

Fry Electronics Team

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