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Redomiciled PLCs 2024

Redomiciled PLCs

Net Income Redomiciled PLCS €10.5 bn in 2024

CSO statistical release, , 11am

Background

Increasingly, for highly globalised countries such as Ireland, it is important to account for globalisation effects in data. These Redomiciled PLCs have, as previously illustrated, significant impacts in some of our statistical outputs. In order to account for these impacts, it is important to separate those figures which are influenced by these Redomiciled PLCs and illustrate which data is reflective of firms that are native to Ireland i.e. those firms which have originated here.

While in CSO publications, we refer to these firms as Redomiciled PLCs, international organisations have termed the concept “corporate inversion”. The OECD’s BPM6 manual defines a corporate inversion as “corporate restructuring of a transnational enterprise group such that the original parent company in one economy becomes a subsidiary of the new parent in another economy. In addition, ownership of a group of enterprises may be shifted to the new parent company.”

Beginning in 2008, in reaction to proposed changes to corporate tax rates in the United Kingdom and the United States, a number of multinational corporations relocated their group headquarters to Ireland. Since that year, there have been additional firms that have relocated while some opted to leave.

Total Net IncomeNet Income minus Redomiciled PLC's
2016-54.89-60.67006588
2017-69.521-73.977802568
2018-84.442-89.693740238
2019-92.814-98.103555458
2020-106.588-110.822380596
2021-132.635-143.249131668
2022-169.188-173.836143081
2023-138.359-149.33614747
2024-144.273-154.756746917
Table 6.1 Net Income of Redomiciled PLCs€ million
 2015201620172018201920202021202220232024
Total4,6635,7804,4575,2525,2904,23410,6144,64810,97710,484

In 2024 the net income of redomiciled PLCs was €10.5bn. Figure 6.1 shows the effect of the net income of redomiciled PLCs in the balance of payments primary income figures. Users often refer to primary income as the repatriated profits of multinationals based in Ireland. This group of PLCs reduce that outflow in the balance of payments as shown in Figure 6.1.

Redomiciled PLC'sRemainder of FDI
2016443.90333645386.22466355
2017347.42159719485.39640281
2018408.885014431.780986
2019578.51204259421.74495741
2020498.63116157535.63983843
2021701.42223225613.26876775
2022541.21782405669.78117595
2023603.85677234551.97422766
2024661.49842163530.05857837

The foreign assets of these enterprises are classified as ‘Direct Investment Abroad’ in the International Investment Position (IIP) statistics. These PLCs have had a significant effect on the stock of Irish FDI abroad, as shown in Figure 2.

Liabilities of all other firmsRedomiciled PLC Liabilities
20162475.963468047442.052175659
20172750.239727095405.1197852
20182753.671236131432.937333787
20193448.305967739525.279575345
20203788.77085710901496.37875258
20214586.33649235599714.308472024
20224212.190143432550.760596519
20234680.32047917622.409696451
20245636.49524217901683.128628014

As none of the shareholders own more than 10% of the equity in these companies, their liabilities are classified in the IIP as ‘Portfolio Investment – Equity’. Proportionally they have a smaller impact on this sub-heading as Portfolio Investment liabilities are dominated by investment funds. Redomiciled PLCs data, compared to Ireland's total Portfolio liability, is shown in Figure 3.