Annual Enterprises Statistics for the Financial Sector, 2010

These data cover the Banking and Insurance sectors and provide valuable information on the accounts of these businesses. The dominant aspects of the income and expenditure data for banks are interest receivable and interest payable while for insurance companies the important variables are gross premiums earned and gross claims incurred. The data also highlight the gross value added (GVA) and gross operating surplus for resident banks and insurance companies in Ireland. It is important to note that in the case of banks, gross operating surplus excludes the cost of write-downs on the value of loans advanced to customers. We can use these variables to make meaningful comparisons with other sectors in the business economy.

Main findings

• Interest receivable by resident Irish banks in 2010 was €24.3 billion, a reduction of some €6.0 billion from 2009. Interest payable in 2010 was €18.1 billion while in 2009 the equivalent figure was €23.7 billion.

• Gross premiums earned by insurance companies in 2010 amounted to €35.6 billion, an increase of some €1.1 billion on the 2009 figure. Gross claims incurred in 2010 were €26.8 billion, an increase of some €1.7 billion compared to 2009.

• Banks recorded GVA of €7.1 billion in 2010 while insurance companies recorded GVA of almost €3.8 billion. This compares with GVA created in Industry of €33.5 billion, in Construction of €3.0 billion, in Distribution of €15.5 billion and in Services of €31.1 billion.

• Banks recorded gross operating surplus of €4.5 billion while insurance companies recorded gross operating surplus of €3.1 billion. This compares with gross operating surplus created in Industry of €24.0 billion, in Construction of €0.8 billion, in Distribution of €6.1 billion and in Services of €13.5 billion.

Detailed data for banks and insurance companies as well as variable definitions are available on CSO’s StatBank Database: Click here

For further information contact:

Barra Casey (021) 453 5770 or                                   Phone: LoCall 1890 313 414

Mary Duggan (021) 453 5584                                     (021) 453 5000 or (01) 498 4000

Results, Analysis and Publications Section                    Fax: (021) 453 5553

Structural Business Statistics                                       Internet: http://www.cso.ie/en/

Central Statistics Office                                               E-mail: business_stats@cso.ie

Central Statistics Office                                                  4 October 2012

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