Banks in Ireland

The banking system in Ireland operates in a much similar manner to that of the United Kingdom. Traditional central banking functions such as financial regulation are in the hands of the Central Bank of Ireland (CBI). The Central Bank of Ireland, the Financial Services Authority of Ireland, and the Financial Regulator were all merged into the new CBI organization in 2010.

The CBI must grant licenses to all banks doing business in Ireland. Ireland’s financial institutions include the following:

  • small and medium-sized institutions (SME) that offer a wide range of financial services to the general public.
  • International Financial Services Center-operating banks (IFSC).

The prognosis for the Irish banking sector is steady, according to Moody’s, because the country’s banks’ operational circumstances are expected to improve.

Over the past few years, the Irish economy seems to be growing at a steady rate and this gives rise to a lot of other things. The Irish economy’s growing demand for loans and other financial products is one of the country’s strengths. According to Moody’s Investor Services, the Irish economy’s real GDP will exceed most of the Eurozone countries. And the Irish will maintain their long-term funding characteristics in the next years.

Banks in Ireland

Allied Irish Bank

Allied Irish Bank is Ireland’s largest retail and commercial bank, having been established in 1825. With its headquarters in Dublin, the bank has around 10,000 employees. It offers deposit products, loans, financial planning, investment, pension cash management, internet banking, foreign exchange, interest rate risk management, and mobile and tablet banking services. There are 325 branches of the bank throughout Ireland, as well as offices in the United Kingdom and the United States.

Furthermore, the government owns it at a whopping 71.05 percent. It had a bailout in 2010, but it has since rebounded, generating a 19.57 percent return on capital in 2015. There are 10,500 persons employed here as of 2107, according to the most recent data.

Headquarters: Dublin, Ireland

Founded: September 1966

Bank of Ireland

The Bank of Ireland, which was established in 1783, is widely regarded as one of the country’s largest and most secure financial institutions. The bank offers a wide range of financial services and products, including mortgages, credit cards, savings, personal loans, current accounts, foreign exchange services, prepaid cards, and commercial banking products. It has about 10,000 employees working in its 250 locations.

Dublin is home to the company’s headquarters. This bank’s primary objective is to market and offer banking and insurance services. According to a study from 2014, the number of persons employed here was estimated at 11,086. In 2014, the company made a net profit of Euro 921 million. In the same year, revenue and operating incomes were Euro 2974 million and Euro 1301 million, respectively.

Headquarters: Dublin, Ireland

Founded: April 1783

Ulster Bank Ireland

There are four historic Irish banks, and Ulster Bank is one of them. Ulster Bank is a significant commercial bank in Ireland. It was established in 1836, or about 185 years ago. George’s Quay in Dublin is where this bank’s headquarters are located. Ulster Bank employs around 3250 people, according to 2013 statistics. The Royal Bank of Scotland Group owns this bank.

Headquarters: Dublin, Ireland

Founded: 1836

Citibank Europe

It was established in 1965, which makes it around 52 years old. Citibank is the parent firm and this is a subsidiary. Citibank Europe’s European headquarters are on Dublin’s North Wall Quay. It’s a major foreign subsidiary in Ireland.

As an example, it provides a wide range of banking services including cash management and investment products. Other services include corporate financing and trustee services. Citibank Europe’s credit rating is A1, according to Moody’s Investors Service, meaning the bank is rated as upper-medium.

Headquarters: Dublin, Ireland

Founded: 1902

Which is the safest bank in Ireland?

Bank of Ireland is Ireland’s largest financial services business, with about EUR 120 billion in assets. Global Finance magazine called it the safest bank in the country. The corporation had a market valuation of EUR 8.1 billion as of May 11, 2018. BOI is a cornerstone of Ireland’s financial system.

How many banks are there in Ireland?

The Irish banking system is almost identical to that of the United Kingdom. In Ireland, there are a total of 64 banks. And the majority of banks have been operating admirably. The Central Bank of Ireland (CBI) is the regulatory body that oversees Ireland’s entire banking industry. CBI is in charge of everything, including licenses, rules, and financial services regulations.