Does Dublin need front-office roles to move up global rankings?

Dublin's standing on the global stage remains stable, and more firms are likely to be wooed across by Ireland's attractive tax regime, according to the latest Global Financial Centres Index (GFCI). However, attempts to pull in vast numbers of front-office roles have yet to come to fruition.

The results of the fourth GFCI, a ranking of the top cities for financial services conducted by Z/Yen in association with the Corporation of London, are in, and Dublin is...in exactly the same position as last time.

Firmly outside the top 10 it may be, but it has solidified its 13th position by gaining an extra nine points in the survey despite not moving up the rankings. How, you might ask, when the international players in Dublin have been subject to the global woes of their parent companies, and domestic banks flounder under slumping property prices? One word - tax.

"Dublin, like many centres with favourable tax regimes, has become more competitive since the last GFCI," says Mark Yeandle, author of the report. "Not just the level of tax, but the predictability of the tax policies in the country seems to be important."

More financial services firms are considering Dublin as a base for headquarters, according to the report, which could mean more jobs are on the horizon. These may still be back office, though.

"It's still seen as a relatively low-cost centre for operation staff," says Yeandle. "Dublin has ambitions to attract more front-office staff, but it's difficult to tell from our respondents whether this is succeeding. If more banks are coming to the city, then deal-makers may follow."

Worryingly, Dublin's fund administration nemesis, Luxembourg, has gained two places to leave it in 15th. Other tax havens, like Jersey, Guernsey and the Isle of Man, have also moved up since the last survey. The Cayman Islands has risen four places since March.