Brian Cowen (Laois-Offaly, Fianna Fail)

I outlined in my primary reply the areas referred to by the green enterprise group that examined the matter. That has subsequently been dealt with by taking the idea forward to the prospect of an initiative being undertaken, identifying niche markets and what areas we could identify a competitive or competence advantage in terms of locating some of the financial services areas in the IFSC proper. The group identified the potential to develop a green IFSC cluster and brand incorporating green investment vehicles, the administration of funds managed under green principles and carbon trading and associated professional services. That work has been undertaken by the IFSC Banking and Treasury Group. Much work has been undertaken as a result of that. A memorandum for Government is at an advanced stage of preparation. I hope that decisions could be taken in this area and that a launch would take place some time in 2011 but I do not wish to anticipate Government consideration.

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