Dublin drops down the rankings
DUBLIN has tumbled out of the world's top 50 rated financial centres for the first time ever according to a newly published Global Financial Centres Index (GFCI).
The capital dropped from 46th place last year to 56th out of 79 rated global financial centres. Dublin was ranked 10th four years ago.
While Dublin and the IFSC actually gained nine ratings points since last year, the surge in competitiveness between financial centres saw Dublin pushed down 10 places.
The survey, which is compiled by the London based financial think tank Z/Yen reflects the views of 2,370 international bankers worldwide.
Z/Yen's Chiara Von Gunten adds: "Dublin has been unfortunate enough to lose relative competitiveness because other cities have improved so much in a short time. In fact Dublin can be credited with gaining nine approval points on last year to score 626 out of 1000 possible points."
But Dublin actually lost points in most of the 10 categories, most pointedly for infrastructure (-10 points) but also for banking (-8 points) and for investment management (-8 points).
A small number of big gains in areas such as market access (+21 points) helped lift its points rating overall.