Irish financial services firms said regulation red tape and a tight labour market have become barriers for further growth in the sector. “Firms recognise that having a well-regulated financial services sector is critical, but meeting the required regulatory standards can be costly and time-consuming,” said the report. In addition to regulation challenges and recruitment issues, the deterioration in the general investment environment caused by rising interest rates was also impacting the sector. Meanwhile, the AIB services purchasing managers index for August, a leading industry survey, showed business services, transport, and tourism sectors recorded contractions in activity. At the same time, financial services noted a slower uplift in output.

Source: Irish Examiner September 11, 2023 20:28 UTC