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Government publishes five year strategy for IFSC

The Taoiseach has launched a five year strategy for the Irish Financial Services Centre and said that it has shown “extraordinary resilience through the global financial crisis. ”

The IFSC Clearing House Group, who is responsible for developing the strategy, have identified the key objective as job creation. It is hoped that a further 10,000 jobs will be created in the sector by 2016, adding to the current 30,000 staff.  

The Taoiseach stated that the strategy has reinforced the Government’s commitment to the development of the international financial services industry which was initially outlined in the Programme for Government.

“”The strategy recognises and fully supports the critical importance of a credible, responsible and proportionate regulatory system whose own capacity and reputation provides, in itself, a source of competitive advantage for this jurisdiction, attracting reputable, responsible and sustainable financial services activity. ”

The 22 page strategy details seven “drivers of growth” including transparent and competitive direct and indirect tax framework; credible, responsible and proportionate regulatory regime; development of new business lines; international engagement and marketing and sustained control of business costs.

Commenting on the Strategy Paul O’Connor, Director of The Federation of International Banks in Ireland (FIBI) said that it “represents a further major step in supporting the development of the IFSC”.

He also welcomed the effort being made to promote Ireland as a location for internationally-traded financial services.

“From our network of established contacts with global banking groups, we are aware of a number of significant international players that are considering locating and expanding operations in Ireland. ”