Brian Cowen (Laois-Offaly, Fianna Fail)

I propose to take Questions Nos. 4 to 6, inclusive, together.

My Department has supported the international financial services industry in Ireland since the establishment of the IFSC in 1987. It does so through the mechanism of the clearing house group and the working groups in the areas of banking and treasury, funds, insurance, pensions and a task force on asset management. These dedicated working groups and the task force report to the clearing house group on a regular basis.

The clearing house group is chaired by the secretary general of my Department and its membership includes senior public and industry representatives. Industry members of the groups include representatives of industry associations and of prominent figures from the international financial services industry.

There are also representatives from my Department, the Department of Finance, the Department of Enterprise, Trade and Employment, the Financial Regulator, IDA Ireland, Enterprise Ireland, the Revenue Commissioners and the Stock Exchange. The clearing house group identifies and considers issues of major concern to the long-term development of the international financial services industry in Ireland. These issues include the strategic development of new business areas and opportunities, the progress of relevant legislation and responsibility for overseeing and reporting to the Government on any initiatives undertaken in this area.

Last February, my Department consulted industry at a facilitated workshop with the intention of considering the major issues of concern to them in the current environment and to identify lines of action and initiatives to chart the way forward for the industry. The recommendations and proposals put forward at this workshop are being worked through by various Departments and agencies. The work is guided by the 2006 strategy document "Building on Success".

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