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“Making bold decisions”: EY’s Colin Ryan on how Ireland can grow its financial services industry

The numbers tell their own story. More than 120,000 people are employed in the financial services industry in Ireland across 8,800 companies, with the sector generating €6.8 billion annually in tax revenues. However, a new report from the consultancy firm EY suggests that it can grow further. If key competitive advantages and opportunities are harnessed, the report argues that Ireland’s financial services industry could grow by 26 per cent by 2028. The report, “Building a Better Financial Services Ireland: Accelerate to Elevate”, also states that employment in the sector can increase by 34 per cent, or 30,000 jobs over the baseline, ‘business as usual’ projection in that same period. In this podcast, Colin Ryan, Financial Services Managing Partner, EY Ireland, talks to Ian Kehoe about how that vision can become a reality and the policy choices Ireland needs to take to elevate the financial services industry in the years ahead. Ryan examines the five core strategic areas for the future of the sector -Technological Infrastructure, Talent, International Trade, Regulatory and Legal Framework, and Macroeconomic fundamentals - and explains how Ireland can develop its offering in each area by taking bold and decisive actions. Ryan talks to Kehoe about the wider international environment and the steps being taken by other jurisdictions to develop compelling financial services offerings. Ryan also delves into the future of financial services, the rise of green finance, and the key issues raised by the 140 senior financial services leaders across Ireland who were interviewed for the report This podcast has been produced in association with EY.