Ireland as an International Financial Services Jurisdiction

At the Financial Services Leaders’ Summit of Byrne Wallace Shields LLP, hosted in conjunction with BDO and Financial Services Ireland, Deputy Governor McMunn's address, 'Opportunities and responsibilities – international financial services in fragmenting times', set out the Central Bank of Ireland’s (CBI) current posture amid global economic and regulatory fragmentation. The message to international firms in was clear: Ireland remains an open, stable and well-regulated gateway to the European Union, anchored in global standards, and committed to a multi-year simplification agenda, without dilution of supervisory rigour. Global scale brings local responsibility: financial services firms operating from Ireland must ensure substantive governance, resilience and accountability on the ground.

Key Messages from the Central Bank of Ireland

• Regulating and supervising well. An integrated, risk-based and outcome-focused supervisory model, operational in the CBI since January 2025, combines prudential, conduct and financial crime oversight. The CBI is investing in data, AI and automation to supervise more proportionately.
• Robust, predictable gatekeeping. Authorisation is a strategic lever, not a bottleneck. The CBI is committed to transparency, predictability and timeliness, while maintaining a high evidentiary bar at the point of entry.
• Simplification, not deregulation. A multi-year roadmap is underway to reduce duplication, streamline reporting and modernise the rulebooks, preserving standards while lowering unnecessary compliance friction.
• Commitment to global standards. In a fragmenting world, the CBI re-affirmed its full commitment to the global regulatory framework, Basel, IAIS and IOSCO norms, and cross-border supervisory cooperation. Firms are encouraged to ‘converge upwards’ to best international practice.
• Opportunity meets responsibility. International firms benefit from group networks and scale, but Ireland authorised financial services must have substantive local governance, empowered boards, and the capability to manage risk independently of the parent.
• Innovation, embraced with discipline. The CBI’s Innovation Hub and Sandbox support responsible adoption of AI, tokenisation and digital finance within the EU’s MiCA, DORA and AI Act perimeters.

Why Ireland Remains a Compelling Jurisdiction

Ireland is the only common law, English speaking member of the European Union and the euro area, providing seamless passporting access to the EU Single Market of circa 450 million consumers. The CBI’s speech reinforced several structural advantages for financial services firms evaluating their international footprint:

• Scale and depth of the ecosystem. Ireland is a leading EU hub for banking, (re)insurance, asset management and investment funds, and a fast-growing centre for fintech and payments, with deep professional services, technology and talent pools clustered around Dublin, Cork and Limerick.
• A demonstrably active gatekeeper. Over the past decade the CBI has authorised or approved 3 banks, 32 payment institutions, 30 e-money institutions, over 9,000 investment funds, 60 (re)insurance firms, 11 Solvency II SPVs, 57 MiFID investment firms, circa  1,900 retail intermediaries and c. 9,000 debt prospectuses, evidence of capacity to authorise at scale.
• Efficient Fitness and Probity process. Around 30,000 individuals have been assessed under the F&P regime; 97% of applications are now decided within 90 days, with an average turnaround of 50 calendar days.
• Stability and credibility. A high-standards, EU-aligned regulatory environment supports investor confidence, ratings outcomes and long-term capital allocation, particularly material for groups consolidating their EU footprint post-Brexit.
• Innovation-ready infrastructure. Active engagement on AI, digital assets and operational resilience via the CBI Innovation Hub and Sandbox, alongside full implementation of MiCA and DORA.
• Talent and connectivity. A young, multilingual workforce, a strong third-level pipeline, and strong connections to global financial centres underpin Ireland’s position as a substantive jurisdiction.

Implications for International Financial Services Firms

Financial services firms locating or expanding in Ireland should expect a regulator that is engaged, accessible and outcome-focused, while holding a firm line on substance, governance and consumer protection. The CBI’s simplification agenda will progressively reduce administrative burden; in return, firms are expected to invest in resilient operating models, robust local decision-making, and active participation in global standard-setting. For international groups seeking an EU home with credibility, predictability and reach, Ireland’s proposition, high standards, an open economy and a deep ecosystem, remains compelling.

For more information or advice on the Central Bank of Ireland's key messages or any other aspect of Ireland's competitiveness for financial services firms, please contact David Naughton (Partner and Head of our Investment Funds and Financial Services Regulation Department), or Doireann O'Daly, Partner.