Enda Kenny (Mayo, Fine Gael)

The programme we launched with the IFSC has a target of creating 10,000 net new jobs over the next several years. Obviously, this is not a situation that will stay static because, as the Deputy knows, it is the most mobile of all employments. That is why it is necessary that there be constant vigilance about keeping the IFSC very attractive, which it is anyway and has a high rating from serious players across the world.

This year's Finance Bill contained 13 sections introducing 21 individual measures to support the IFSC and meet the target of helping to create those 10,000 jobs over the next few years. Measures include reduced double taxation in the corporate treasury and the aircraft leasing sectors, providing clarity around the tax treatment of complex financial transactions, particularly with stamp duty, addressing tax issues arising for investment funds due to the undertakings for collective investment in transferable securities, UCITS as they are called which was directive 4 and was implemented on 1 July 2011, and a further easing of the administrative burden on non-resident investors in Irish investment funds.

In so far as the recommendations for the IFSC come through the meetings of the different working groups of the clearing house group and through the clearing house group itself, I get reports on these matters from the Secretary General as is required. Some of the responses and initiatives have been reflected in the Government's and the Minister for Finance's decisions in the Finance Bill. These are to keep the centre vibrant and attractive for continued investment. Over the next decade, we will see a whole range of new financial products being made available. It is for Ireland to continue to be at the forefront of that change which will lead to achieving the target of 10,000 new jobs in the next five years.

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