The Treasurer’s Guide to Trade Finance

Ireland

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 221 bn Goods Exports 126

GDP per capita (USD) 48,778 Imports 67

GDP volume growth (year-on-year) + 1.4% Net + 60

Population 4.53m Services Exports 105

MMR (year average) 1.14% Imports 116

Exchange rate EUR / USD (year average) 0.7194 Net – 11

BoP (goods, services & income) as % of GDP + 1.9% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): since 1 January 1973.
Ireland is also a member of the European
Economic Area (EEA).

International Monetary Fund (IMF):
since 8 August 1957.

World Trade Organization (WTO):
since 1 January 1995.

Government trade policy

ƒ Ireland implements the EU’s trade
regulations, commercial policies and
customs code (ec.europa.eu/trade).

ƒ Ireland trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ Export credit insurance is only offered in

Ireland from private insurance companies,

such as Atradius, Coface and Euler Hermes.

ƒ The EU maintains 74 free trade zones,

including two located in Ireland: the

Ringaskiddy Free Port and Shannon Free

Zone.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Ireland does not impose foreign exchange
controls.

Bank accounts

Permission to hold currency accounts

Within

Ireland

Outside

Ireland

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A