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News : Irish Last Updated: Mar 17, 2014 - 8:27 AM

Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
By Michael Hennigan, Finfacts founder and editor
Mar 17, 2014 - 8:24 AM

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Global Financial Centres Index:  New York, London, Hong Kong and Singapore remain the top four global financial centres. New York is now slightly leading London and has been overtaken in the index, mainly due to London falling (it is the largest faller in the top 50 centres). Dublin's IFSC slips to 66 of 83 cities -- down 10 ranks in the biannual survey of financial services professionals. The Irish capital is ranked at 19 of the top 20 European centres.

The leading Asian Centres pull away from the weaker with Hong Kong, Singapore, Tokyo, Seoul and doing significantly better than the weaker centres (e.g. Kuala Lumpur (35), Manila, Jakarta and Mumbai).

Middle East centres continue to rise in the index. Qatar remains the leading Middle Eastern Centre just ahead of Dubai. Riyadh is up 16 places, Bahrain is up 12 places and Abu Dhabi is up 10 places.

Financial centres in Europe are still in turmoil. 23 of the 27 European  centres in the GFCI declined by rank. Significant falls include Copenhagen, Edinburgh, Dublin, Madrid, Lisbon, and Rome. Athens in last place (83rd) is now 82 points adrift of Reykjavik, second to last.

The survey was launched in 2007 and for the latest index, it polled 3,246 respondents. It then combined their assessments of the changing competitiveness of financial centres with a ranking of objective factors such as infrastructure, the availability of skilled staff and access to international markets.

Report [pdf]

Dublin is just ahead of Malta and Manila and its 66th rank compares with 15 in March 2007, 13 in September 2008, and 23 in September 2009.

In May 2010, John Bruton, former taoiseach, became chairman of the newly-formed financial services body, IFSC Ireland, to promote Dublin's offshore centre overseas.

It has of course been a hard sell to promote Dublin during an international bailout. Nevertheless, someone with industry experience maybe better at charming the moneymen than a retired politician.

The International Financial Services Centre (IFSC) likely also needs a retooling for different times.

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