Seán Sherlock (Cork East, Labour) | Oireachtas source

My question was in respect of financial services and the IFSC. Let us suppose the UK departs from EU taxation legislation or case law in respect of VAT. Is the financial services sector in this country sufficiently diversified such that there is no over-reliance on the UK market? I have in mind exports of financial goods and services, the financial technology industry and everything that sails in that ship. This includes exports of services from Ireland to the UK. Have we diversified sufficiently into Asian markets, EU markets and North American markets? That is really the question.

Is there contingency planning in place? I am asking the question insofar as it is possible because we are in a state of flux politically and economically and it is impossible to predict what is going to happen in terms of the effect on the Irish economy, the UK economy and the European economy no matter how much contingency planning we put in place. All we can do is go by the ESRI and the Department of Finance predictors in so far as that is possible.

Can I get a sense from the Department of Finance or the Government of whether there is contingency planning under way? Is the Department seeking to ensure that the gains made by the financial services sector will not be lost and that we will continue to grow? That is an important message and signal.