EIB Opens Dublin Office, Establishes New Financing Group
The first meeting of a European Investment Bank (EIB) – Ireland Financing Group, chaired by Minister of Finance Michael Noonan, took place on Friday morning, shortly before the EIB’s first permanent Dublin office was officially opened by Taoiseach Enda Kenny.
The new office, located in Upper Mount Street, Dublin, is expected to strengthen links between the EIB, the world’s largest international public bank, and Ireland. It is hoped the office to enable greater private sector investment in the country by providing direct guidance on possible technical and financial support.
The new EIB Group office in Ireland represents the first ever permanent presence of both the European Investment Bank and European Investment Fund in Ireland. The office will be headed by Cormac Murphy an experienced banking specialist who during a 22 year career with the EIB has previously lead teams financing innovation and corporate investment, and developing new financial products, across Europe.
Speaking at the opening of the office, Kenny said: “As the ‘EU Bank’, the EIB is the largest international public bank and the largest non-state borrower in the world, with a lending footprint around double that of the World Bank. It also has almost 60 years’ experience in project finance to which Ireland will now have a direct channel of access, including national and local authorities, and individual companies.”
“Ireland’s relationship with the EIB is already a strong one. When both the Irish banks and the Government were locked out of the international capital markets, EIB support remained active, with total lending of around €3.3 billion between 2011 and 2015. Key projects supported during this difficult time included Dublin Port, Dublin Airport Terminal 2, and LUAS Cross City. In more recent times I’m delighted to see finance agreements with many Irish institutions that will support among other things new university research buildings, new primary health care centres, new schools, road projects, and business projects.”
Prior to the formal opening of the EIB office, Noonan chaired the first meeting of the EIB-Ireland Financing Group, to steer future European Investment Bank investment activity in Ireland. The group, with membership from relevant Government Departments as well as EIB senior management, will have a key role in raising awareness in Ireland of new EIB products and encouraging a strong pipeline of projects from Ireland to benefit from EIB financing, including under the Investment Plan for Europe.
The meeting also discussed support for business investment backed by the European Investment Bank and European Investment Fund, including increased cooperation with the Strategic Banking Corporation of Ireland, the Irish Strategic Investment Fund and dedicated support for agricultural investment.
