Simon Harris (Wicklow, Fine Gael) | Oireachtas source

Let me start with Deputy Creighton's points, as she perhaps has more eloquently outlined what I have been trying to outline since we started our discussion on section 13. There is a jobs benefit in terms of attracting these people and every job that is created is to be welcomed. I have given members the figures. The creation of 25 jobs is not something to be sneered at, but it is about getting the key decision makers into Ireland. These people are highly mobile and very well paid, but not by the taxpayer, and it is about getting them to locate in Ireland rather than them going to the Netherlands, France, Luxembourg, Switzerland or London, which I visited last week. We are in a very competitive environment. I have responsibility for the IFSC and our rankings in the IFSC have fallen through the floor. What has been a great success since 1987 clearly now needs a shake-up and a review. We are putting in place a new international financial services strategy.

This relief is not open-ended. It was originally for a period of three years and after the review that was carried out and published on the Department's website, it has now been extended for another three years. It is too early to say what will happen. It has only been announced that the Government is extending it for another three years, who knows what will happen into the future. Government has a very open mind on it. I personally have a very open mind on it. I know the Minister for Finance has an open mind on it. We need to see the tangible results. The Deputy is correct that we need to look at other metrics for measuring its success and that is something I will be doing in the context of the new financial services strategy.

I see the point that Deputy Doherty is making. We are coming at it from a different perspective. I do not see this as lost revenue to the State. I see it as additional revenue to the State, so does the Government, so does the Minister for Finance. I listen to the people from the IDA. When I am sick, I may have an idea of what is wrong with me but I go to a doctor. When I want to know what it takes to attract new jobs, I might have a few suggestions but I listen to the experts. The IDA, the Global Irish Economic Forum and the wider consultation process is all pointing that we should look at this as an initiative to keep our competitiveness. In response to Deputy McGrath, I have listed examples of what other countries are doing. That is not to say that the Government is not keeping an open mind. I do not see what we have to lose by trying this for another three years in an enhanced way based on the suggestions from the consultation we have undertaken. I believe it is worth a try.

Deputy Doherty alluded to the 25 jobs to which I had referred, there was 25 jobs created in 2013 on the provisional figures. The amount of tax foregone was €18,973.16. It is not an insignificant development for 25 jobs to be created with a further potential to have decision-makers based in Ireland. I will keep a watching eye on it. The Minister for Finance is definitely going to retain it. We want to see if it will continue to yield results, but our approach is to give it a try.