Micheál Martin (Cork South Central, Fianna Fail)

The international financial services sector has grown dramatically in this State in the last two decades. For example, banking assets have trebled from €422 billion in 2001 to €1.2 trillion in 2006. The numbers employed in financial occupations had grown to 148,000 in 2006, approximately 22,000 of whom are engaged in international financial services. I meet the representative group for financial services companies, Financial Services Ireland, on an annual or biannual basis. Last week, I accompanied IDA officials to the United States where we met representatives of some of the financial services companies with significant operations here. I also attended a meeting in Milan with representatives of Italian financial services companies operating here.

Skill shortages are a global phenomenon. We are working with several third level institutions on the research side. For example, Enterprise Ireland supported the business information systems programme in University College Cork with a view to developing a financial services centre that would work on particular skill levels for the industry. On a nationwide basis, we are working to develop and enhance capacity in financial services programmes in universities so that we can attract those seeking to obtain advanced qualifications.

We have asked the Higher Education Authority, HEA, and the financial services industry to agree on short-term priorities in regard to skills needs. The HEA has already consulted the universities and institutes of technology to provide them with an opportunity to respond to its report. The HEA and Financial Services Ireland are currently organising a joint seminar designed to respond to the expert group's recommendations on education and training. Once that has been held and agreement reached on the types of course provision required to address the skill shortages, a call for proposals to provide such courses will be issued. The work is in progress, therefore, in terms of identifying what is required and who can best provide it.

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