Irish millionaires create private banking opportunities

"There's definitely a lot more demand for Irish private bankers," says Andrew Crawford, a consultant at Dublin-based recruitment firm Cox Fitzsimons & Wilkes. "Banks are looking for people who can bring private clients, and who also have strong product knowledge," he adds.

Research by the Bank of Ireland suggests there are now 30,000 millionaires in the Republic and that the average Irish man (or woman) is now richer than an American, a Briton, or a German.

To date, Ireland's wealth has mostly been invested in property. But private banks are setting up in the country in the anticipation that some of the country's millionaires will start diversifying into other asset classes.

In February, Deutsche Bank announced a joint venture with Key Capital, a Dublin investment firm, to provide private wealth management services to Ireland's high net worth investors. Crawford says other European banks are eyeing similar arrangements: "A couple of European banks are looking to set up joint ventures here."

Crawford says many of Ireland's potential private bankers have spent time working overseas. "Quite a lot of people have spent time in London or the US. 20 years ago it was impossible to get the depth of experience in Dublin."