Minister Troy hosts Canadian Ambassador at Department of Finance

Robert Troy, Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions, and Insurance, welcomed the Ambassador of Canada to Ireland, Dennis King, to the Department of Finance today.

The bilateral discussion focussed on the significant trade links between Ireland and Canada, and the growing presence of Canadian financial services firms here.

Ireland hosts operations from four of Canada’s ‘Big Five’ banks: Scotiabank, Bank of Montreal (BMO), Toronto‑Dominion (TD), and National Bank of Canada. Great-West Lifeco, one of Canada’s largest life insurers, owns Irish Life, Ireland’s largest life insurance firm.

Scotiabank has maintained a presence in Ireland since 1966 and now serves as its primary EEA relationship manager, with capital markets and corporate banking operations based in Dublin.

BMO, TD, and National Bank of Canada have established significant corporate, treasury, securities, and risk‑compliance functions in Dublin, leveraging Ireland as a gateway to the EU market following Brexit.

Trade between Ireland and Canada amounts to over €10 billion annually and there are 75 Canadian companies operating in Ireland, employing over 15,000 people. In addition, there are over 400 Enterprise Ireland client companies doing business in Canada, employing over 6,000 people.

Minister Troy and Ambassador King discussed the importance of trade diversification, and the opportunities brought about by the provisional application of CETA in 2017.

Continued collaboration in the financial services sector was also covered, particularly in light of the development of Ireland’s next strategy for the international financial services sector, Ireland for Finance.

Robert Troy, Minister of State with special responsibility for Financial Services, Credit Unions, and Insurance, said:

“I was delighted to welcome Ambassador King to the Department of Finance today for a bilateral discussion on the links between our two countries. The economic relationship between Ireland and Canada continues to expand, with major Canadian banks being significant employers in our international financial services sector.

In light of recent trade developments between the EU and US I see strong opportunities to strengthen trade cooperation under the CETA framework, particularly across financial services.”