Investment flows into Ireland increased to €19.9 billion last year as some €8.6 billion of equity streamed in from Bermuda and there was a turnaround in foreign direct investment from the US.

Companies moved €4 billion in equity investments out of Ireland, while inward flows comprised reinvested earnings worth €21.2 billion and other capital totalling €2.6 billion, according to a report from the Central Statistics Office (CSO).

Some 43 per cent of total inward investment came from Bermuda, the CSO said.

A crackdown on tax havens by the US government has made Bermuda less attractive for the global reinsurance and investment companies.

Investment flows from the US increased to €7.5 billion last year. However, investment from European countries fell back from €19.8 billion to just €3.7 billion.