Dublin had forged a reputation as one of Europe's major financial centres over recent years, with many major firms setting up offices there and creating jobs for industry professionals based in Ireland.
The economic crisis facing the nation and improvement from emerging economies has seen it falter to some extent, however.
According to the Global Financial Centre Index survey, which is compiled by London thinktank, Z/Yen, the Irish capital has dropped to 56 in the latest ranking of international financial hubs.
This puts it behind rivals such as Edinburgh, Luxembourg, Dubai and Jersey, reports the Irish Times. In March 2009 Dublin was in the top ten, signalling that its reputation has been somewhat diminished since then.
As well as being a result of the shifts in Ireland's financial situation, this was described as a testament to how strongly emergent centres such as Riyadh have performed in recent months as new countries begin to challenge their more developed counterparts.
However, suggestions that international finance firm Aztec Money is to set up its global headquarters in Dublin with the creation of a 100 new posts over the next two years have shown that there could be some light at the end of the tunnel for the city.
With the financial situation improving, there might be increased willingness to invest in the region.
Aztec Money, which already employs 30 people in Dublin, specialises in connecting SMEs with institutional investors.
Minister for jobs Richard Bruton said: "Aztec Money is announcing that it is establishing an innovative new service for Irish SMEs to help improve cash flow, which will be a very welcome addition to the support available to job-creating businesses here."
He added that the government has put in place a number of new measures that will help businesses access financial services over the coming years.
http://www.irishtimes.com/business/sectors/financial-services/further-slide-in-dublin-s-standing-as-financial-centre-1.1339908
http://www.irishtimes.com/business/sectors/financial-services/two-firms-to-create-170-new-jobs-in-dublin-and-meath-1.1407701
