Enda Kenny (Mayo, Fine Gael)

I recognise, as does the Deputy, that the original concept of the IFSC came from a very important businessman and was implemented by a former Taoiseach, Charles Haughey, who set up the IFSC in the 1980s. It now employs 33,000 people which is a testament to its evolution over a number of Governments and is a very important entity in terms of corporation and payroll taxes.

I cannot answer the question on whether the Clearing House Group has discussed sharia finance. It was a central part of a launch I attended last year. I will give the Deputy an up to date response on the situation.

On green finance, as the Deputy knows it refers to capital investment in banking, treasury and insurance businesses that supports the development and promotion of a low carbon economy. It includes the funding of renewable energy generation, energy efficiency measures and carbon credits trading. In a wider context it embraces issues like the environment, water, waste and weather.

Recent related green tax changes include the inclusion of carbon offsets within the existing structured finance tax regime, including the Finance Bill 2012 amendments to explicitly include forest carbon credits; relief from stamp duty on transfers of greenhouse gas emissions allowances; the extension of corporation tax relief for investments made in renewable energy projects; and the inclusion of companies involved in the production of energy from renewable sources within the income tax relief scheme for investment of corporate trades. There have also been a range of educational and other developments under the green IFSC initiative.

Since the third quarter of 2011 the Green IFSC, in partnership with Summit Finuas which is under the remit of Financial Services Ireland, FSI, has earmarked €600,000 for sustainable finance educational projects to ensure Ireland has the talent base needed to grow green finance business and attract companies to Ireland that operate in that sector.

September 2011 saw Ireland's first postgraduate course in sustainable finance launched at DCU. In January this year Ireland, through UCD, launched the world's first of its kind master's degree in energy and environmental finance. In the same month, the Institute of Bankers announced a new graduate diploma in green energy management and finance. FSI, a constituent body within IBEC which represents financial services companies, is conducting an indepth report into the education needs of new and existing businesses to ensure Ireland is at the forefront of producing professionals with the skills needed to grow sustainable businesses in the sector.

All green IFSC-assisted courses have emerged from collaboration with industry leaders, public sector representatives and academics who have come together to ensure Ireland is a global centre for green finance. Green IFSC projects are all of that nature. I will send the Deputy an up to date response in respect of the current position on sharia finance.

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