Enda Kenny (Mayo, Fine Gael) | Oireachtas source

I propose to take Questions Nos. 3 to 8, inclusive, together.

The IFSC Clearing House Group has met once since the Dáil summer recess on 25 September and is due to meet next on 22 November. Its associated working groups meet regularly, typically on a monthly or bimonthly basis.

My Department has supported the international financial services industry in Ireland since the establishment of the IFSC in 1987 by providing a forum for the exchange of views and the co-ordination of efforts through the mechanism of the IFSC Clearing House Group and its related working groups. During this period the IFSC has grown to employ 33,000 people and contribute over €1 billion annually through corporation tax and payroll taxes.

I have met representatives of the international financial services sector, as I do representatives of all sectors, on a number of occasions at various events since the launch of the IFSC strategy in 2011. For example, I addressed the Irish Funds Industry Association at its annual conference this year and spoke at the Financial Services Ireland annual dinner in 2011. My Department is represented at all meetings of the Clearing House Group which has since its establishment been chaired by the Secretary General of the Department of the Taoiseach.

Membership of the Clearing House Group comprises public and private sector representatives and reflects a wide range of experience and expertise in order that its objectives of identifying opportunities to develop sustainable business and employment in the various sectors of the international financial services industry can be achieved. The primary focus of the group is to identify and consider issues of importance to the long-term development of the international financial services industry in Ireland in line with the programme for Government which states the Government “supports the future development of the IFSC as a source of future employment growth, subject to appropriate regulation” and commits to the development of the financial services sector to maximise employment opportunities. In 2011 the group contributed to the development of a "Strategy for the International Financial Services Industry in Ireland 2011-2016", framed on the basis of an objective to create more than 10,000 net new jobs, protect existing employment and business and consolidate the sector as a key driver of the economy in the next five years. The group monitors progress on implementation of the strategy. Since its launch, both the public and private sectors have been actively involved in executing the strategy across a broad front and considerable progress has been achieved, including significant progress on initiatives such as green finance and Islamic finance; notable investment wins by IDA Ireland, including Northern Trust, MasterCard, PayPal, HedgeServ, ICBC Leasing and CIMB Principal Islamic; a technology centre in financial services has been launched with initial research projects approved; and among a range of related initiatives, Enterprise Ireland is promoting the Payments Ireland initiative to brand Ireland as a centre of competence for payments companies.

In addition to a series of initiatives to ensure the availability of an appropriately skilled workforce for the financial services sector in Ireland such as Finuas, Financial Services Ireland has recently launched the FSI CareerStart programme. This one year training programme offers participants the opportunity to gain new skills in the area of international financial services, while providing an in-depth knowledge of the industry. The programme is funded by Springboard, an initiative funded through the Department of Education and Skills to provide education and training opportunities to support unemployed persons. Other issues considered by the Clearing House Group in the past year include the marketing and promotion of Ireland's strengths in the international financial services industry and how best to enhance and support the competitive position of the international financial services sector in Ireland.

Since the inception of the IFSC, close co-operation between industry and the public sector has been a foundation of its success. It is entirely appropriate that the public sector works with companies that employ tens of thousands of people, with a view to protecting and creating jobs and maintaining Ireland’s competitive position as a leading centre for international financial services.

In line with the Government’s focus on increasing the transparency and openness of government, a number of measures are being taken with regard to the IFSC Clearing House Group to ensure transparency and accountability in its work. First, the minutes of meetings of the group which have taken place since my election as Taoiseach to the end of September this year will shortly be published on my Department's website and www.merrionstreet.ie. Second, a report on the work of the group during this period will also be published on the websites. Third, I have asked the Secretary General of my Department who is chairman of the group to write to the Chairman of the Oireachtas Joint Committee on Finance and the Public Service offering to brief it on the work of the group. These initiatives will ensure increased awareness of the continued importance of the international financial services sector to the economy and highlight the progress being made by the private and public sectors working together in creating and protecting jobs for Ireland, a priority which is shared by all parties in the House.

See this speech in context