and Bank of Ireland and many of the examples mentioned in the media outlets relate to fund domiciling, custody, treasury and more recently trading rather than investment management and investment banking. Classic fund administration (i.e. fund accounting, fund administration, fund custody and transfer agency) is the largest employer in IFSC making up almost a third of IFSC jobs and totaling almost 9,274 jobs at the last reliable study. The four largest global fund administration and custody providers all have major offices in the IFSC State Street, Bank of New York Mellon, Citibank and Northern Trust, as well as internal fund administration departments from major global investment banks such as JPMorgan, Goldman Sachs and Bank of America. Fund domiciling (and distribution) is where specialist law firms, and specialist administration departments of investment firms (i.e. BlackRock, Citibank, Deutsche Bank), provide legal (i.e. creating fund prospectus, fund listing documents etc.) and other professional services (i.e. fund trustees, fund audit etc.) to Irish domiciled, and often Irish listed, fund structures in various Irish legal fund "wrappers" (incl. UCITs, QIAIFs, MMFs and AIFs). The IFSC is one of the largest and fastest growing locations for UCITS in Europe. The trade body for the IFSC fund administration and domiciling sector is the Irish Funds (Industry) Association (previously Dublin Funds Industry Association, or "DIMA"). Securitisation The introduction of the Irish Section 110 SPV in 1997, described by PwC as the "heart of the Irish structured finance regime", enabled the IFSC become the largest provider of SPVs in the EU securitisation market, and has made Ireland the 4th largest shadow banking centre in the world. While Irish securitisation SPVs pay no effective Irish corporate taxes (SPVs are deliberately structured in this way), they are estimated to contribute over €100m annually to the Irish Economy from fees paid to local Irish professional services firms (legal, accounting and corporate services providers) who create and administer the SPVs. The sector was involved in a major domestic tax scandal in 2017. Sometimes the securitisation sector is merged with the fund administration sector when "total funds administered" data is quoted for the IFSC (or IFS sector). The trade body for the IFSC Securitisation sector is the Irish Debt Securities Association (IDSA), which was founded by IFSC law firm, Matheson. Banking Some of the world's largest banks have offices in the IFSC. Their focus is mainly on administration support for securitisation and structured finance