Oireachtas Joint and Select Committees

Tuesday, 16 May 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Brexit - Recent Developments and Future Negotiations: Discussion

4:00 pm

Mr. John Callinan:

I might ask my colleague from the Department of Finance to go into some of the detail. Again, I refer to the guidelines. They include a statement that any future framework must safeguard financial stability in the Union, which is a reference to the financial sector, and respect its regulatory and supervisory regime and standards and their application. Again, that is a principle the EU side has applied. In terms of the extent to which we are pitching for the business, as it were, it would be incorrect and unfair to the IDA, the Department of Finance and others to suggest that they are not aggressively pursuing the opportunities. They are not necessarily doing it in exactly the same way as other countries, but that is for a careful, considered reason. It is seeing a great deal of success. Of course, they are not going to win every project every time, but many projects have already been identified. It is fair to say as well that a number of companies involved do not necessarily wish to announce in a fanfare what changes they might be making. Some do and some do not, but I will ask Oliver Gilvarry to elaborate on it.

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