Banks in Ireland

Article bySayantan Mukhopadhyay
Edited byAshish Kumar Srivastav
Reviewed byDheeraj Vaidya, CFA, FRM

Overview of Banks in Ireland

The banking system’s outlook in Ireland has been positive, as Moody’s Investors Services mentioned. They have said two important things while investigating the rating scenario of banks in Ireland: –

  • They expect that the operating conditions of the banking system will improve soon.
  • They also perceive that the creditworthiness of the banks will evolve in the next 12 months to 18 months down the line.

The strengths of the Irish economy are its new demands for loans and needs for other banking products. Moody’s Investor Services expect that the Irish economy’s real GDP will outperform most countries in the Euro region. And the Irish will retain their sustainable funding profiles in years to come.

Structure

The Irish banking system works almost similar to the UK’s banking system.

There are a total of 64 banks in Ireland. And most of the banks have been performing quite well.

The Central Bank of Ireland (CBI) is the authority that controls the whole banking system in Ireland. So, CBI manages licensing, regulations, and maintaining financial services.

Previously before 2010, there were three separate structures – the Central Bank, the Financial Services Authority of Ireland, and the Financial Regulator. In 2010, they changed the structure of the Central Bank, and only one entity exists to remain as the authority of the whole banking system.

CBI must license all banks. And these can be divided into two categories: –

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Digital Banking In Ireland

Ireland’s digital banking landscape is characterized by a mix of traditional banks and fintech startups, providing modern and user-friendly banking services. It is experiencing notable growth and innovation. Established banks are actively investing in digital services, providing online banking platforms and mobile apps to meet customer demands. Ireland’s fintech sector is also on the rise, with a growing number of startups offering specialized financial solutions. The country’s regulatory environment and supportive government initiatives play a role in fostering a dynamic and competitive digital banking sector.

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List of Top Banks in Ireland

  1. Revolut
  2. Allied Irish Bank (AIB)
  3. Bank of Ireland
  4. Ulster Bank
  5. CitiBank Europe
  6. Permanent TSB Group Holdings PLC.
  7. Danske Bank (Ireland)
  8. KBC Bank Ireland
  9. EBS d.a.c.
  10. DEPFA Bank
  11. Bank of Montreal Ireland PLC

Out of 64 banks, here are the 11 most prominent banks: –

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Top-Banks in Ireland

#1. Revolut:

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#2. Allied Irish Bank (AIB):

It is the biggest bank in Ireland. And it is 71.05% state-owned. In 2010, it had a bailoutBailoutA bailout refers to the prolonged financial support offered by the government or other financially stable organization to a business in the form of equity, cash, or loan to help it overcome certain losses and stay afloat in the market.read more; but it has recovered. And in 2015, it recorded a return on capital of 19.57%. As per the last report in 2017, 10,500 people work here.

It was founded on 21st September 1966, around 51 years ago. Its headquarters is located in Dublin. As per the last report in 2016, the operating income Operating IncomeOperating Income, also known as EBIT or Recurring Profit, is an important yardstick of profit measurement and reflects the operating performance of the business. It doesn’t take into consideration non-operating gains or losses suffered by businesses, the impact of financial leverage, and tax factors. It is calculated as the difference between Gross Profit and Operating Expenses of the business.read more and net incomeNet IncomeNet income for individuals and businesses refers to the amount of money left after subtracting direct and indirect expenses, taxes, and other deductions from their gross income. The income statement typically mentions it as the last line item, reflecting the profits made by an entity.read more were €2.9 billion and €1.7 billion, respectively.

#3. Bank of Ireland:

It was established in 1783. Its headquarters is situated in Dublin. The main focus of this bank is to sell and provide banking and insurance products. The report of 2018 found that around 11,086 people work here. In addition, the net income in 2018 was €935 million. In the same year, the revenueRevenueRevenue is the amount of money that a business can earn in its normal course of business by selling its goods and services. In the case of the federal government, it refers to the total amount of income generated from taxes, which remains unfiltered from any deductions.read more and the operating gains were €2,146 million and €2,805 million, respectively.

#4. Ulster Bank:

Ulster Bank is one of the major commercial banks in Ireland; rather, it is one of the traditional big four Irish banks. It was founded in 1836, around 181 years ago. The headquarter of this bank is located in George’s Quay, Dublin. As per the data of 2013, about 3,250 employees work in Ulster Bank. This bank is a subsidiary of The Royal Bank of Scotland Group.

#5. Citibank Europe:

It was founded in 1902, around 120 years ago. It is a subsidiary of Citibank, an American financial services company. The headquarters of Citibank Europe is located in North Wall Quay, Dublin. It is one of the large foreign subsidiaries operating in Ireland.

It offers various banking services like cash management Cash ManagementCash Management refers to the appropriate collection, handling, & disbursement of cash for ensuring financial stability & avoiding insolvency risk. read more, investor products, trade services, corporate finance, trustee service, transfer agency, etc. As per Moody’s Investors Services, Citibank Europe is A1 in credit rating which means Citibank Europe is assigned an upper-medium grade.

#6. Permanent TSB Group Holdings PLC:

Permanent TSB Group Holdings was previously known as Irish Life and Permanent PLC. It is popular for offering personal financial services to customers in Ireland. It was established a long time ago, in 1884, almost 133 years ago. The headquarter of this bank is situated in Dublin.

As per the data we got in 2015, the net and the operating income had been negative – € (425) million and € (399) million, respectively. On the other hand, the revenue in the same year was €694 million.

#7. Danske Bank (Ireland):

It is the subsidiary of Danske Bank Group headquartered is in Copenhagen. It is one of the popular foreign subsidiaries in Ireland, established in 1986, almost 31 years ago. The headquarter of Danske Bank is located in Dublin. As per the data for 2020, 22,376 employees work here. Danske Bank is structured into three business units – business banking, personal banking, and corporate and institutional banking.

#8. KBC Bank Ireland:

It was established on 14th February 1973, almost 44 years ago. When it was founded, the name of KBC Bank Ireland PLC was Irish Intercontinental Bank. Later in 1999, KBC Bank acquired the whole shareholding (100%) and then changed the name to IIB Bank. Later in 2008, it changed its name again, becoming KBC Bank Ireland.

In 2016, the number of employees was around 1,000. KBC Bank Ireland PLC acquired total assetsTotal AssetsTotal Assets is the sum of a company's current and noncurrent assets. Total assets also equals to the sum of total liabilities and total shareholder funds. Total Assets = Liabilities + Shareholder Equityread more: loan books of €10 billion and deposits of €5 billion.

#9. EBS d.a.c.

This bank was established in 1935 by Alex McCabe. The purpose of starting this institution is to provide affordable housing finance to teachers and other civil servants. In 2018, the number of employees who worked here was 330.

The net income and the operating income of EBS d.a.c. in 2019 were €4 million and €270 million, respectively. Its headquarters is located in EBS Building, Dublin.

#10. DEPFA Bank Ireland:

DEPFA Bank PLC. is a German-Irish bank. It was founded in 2002, around 15 years ago. Though it was established long ago under the Prussian Government’s control, it was later legislated by the Irish Government. The headquarter is situated in Dublin.

The founder of this bank was Gerhard Bruckermann, a subsidiary of Hypo Real Estate. This bank has two major emphases – public sector and large infrastructureInfrastructureInfrastructure refers to fundamental physical and technological frameworks that a region or industry establishes for its economy to function properly.read more projects.

#11. Bank of Montreal Ireland PLC:

It is the subsidiary of Bank of Montreal Financial Group. It was previously called Bank of Montreal PLC. Bank of Montreal Ireland PLC. was established in 1996, almost 21 years ago. It is one of the most prominent foreign branches in Ireland.

It provides commercial services to its local customers. It mainly offers intermediate or long-term industrial and general credit. The headquarter of Bank of Montreal (BMO) PLC is located in Seagrave House, Dublin.

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