Micheál Martin (Cork South Central, Fianna Fail)

In December, the expert group on future skills needs published its report, Future Skills and Research Needs of the International Financial Services Industry. This report identifies the skills requirements of the international financial services industry in Ireland and sets out a blueprint for the future skills development required to ensure the continued growth and success of that industry.

According to the expert group's report, companies are experiencing shortages or difficulties in sourcing qualified staff, with several skills shortages identified, including shortages of fund accountants, accountancy staff, financial analysts and actuaries. In addition, the report also found that there was a shortage of people with adequate skills in maths, economics, risk management and compliance.

The research underpinning the expert group's report was undertaken before the recent economic downturn, which has affected the global financial services industry. It is too early to assess the impact of the international credit crisis on the demand for financial skills in Ireland. The Government is monitoring the situation on an ongoing basis. As the expert group's report focuses on the long-term development of the international financial services industry in Ireland, it is likely that the skills shortages identified by it are ones that require to be addressed irrespective of the short-term economic outlook. The skills identified are highly specialised and in short supply worldwide. It is a global phenomenon.

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