Enda Kenny (Mayo, Fine Gael) | Oireachtas source

I will look at what was done and follow it through.

The Deputy asked about pensions. There are five working groups in the IFSC and their roles are clearly set out. The first is the IFSC banking and treasury working group, which deals with banking, asset financing and corporate treasury, as well as taxation issues that arise from all areas of the international financial services industry in Ireland. It makes recommendations for improving the competitiveness of the industry in these sectors. Many of its proposals have been reflected in the recent Finance Acts, largely in respect of regulation. The IFSC banking and treasury working group includes representatives of the industry sector, banking and corporate treasury, industry financial advisors, accountants dealing with taxation issues and public sector representatives from Departments and agencies. I do not know whether they have discussed the question of bank pensions. This area is about asset banking and corporate treasury.

The second group is the IFSC CF funds working group which considers the administration and management of investment funds and examines the future of the funds industry in Ireland. Its work involves recommending the right legislative, regulatory and taxation issues, co-ordinating the market effort between IDA Ireland, Government and industry, and maintaining awareness of the impact of international developments on competitiveness. We hear about the last point all the time from industry. The group has as its mission statement that it will ensure that the quality of the environment and infrastructure for the wider funds industry in Ireland is comparable to and competitive with what is called "best in class" internationally. It states that this forum should be where experts in the public and private sectors can together prioritise relevant issues for resolution, which can be taken at a higher level, if appropriate. This group includes representatives and practitioners, relevant Departments and agencies in the Irish Stock Exchange.

The third group is the IFSC insurance working group, which considers issues of relevance to the continued development, expansion and competitiveness of Ireland as a reputable centre for the provision of insurance products and services. It includes proposals for and monitoring of fiscal and regulatory changes, and any other improvements that are deemed necessary to enhance and protect the international insurance sector, the co-ordination of marketing efforts and promoting and fostering working relationships between IDA Ireland, the Government and the industry. It maintains awareness of and analysis of the impact of international developments and aspects of business which affect the overall competitiveness and attractiveness of Ireland as a centre for insurance.

The fourth group is the IFSC pensions working group, whose role is to promote Ireland as a prime location for the centralised management of pension funds. That objective is best achieved by active collaboration and appropriate representation on the working group of the main interested parties, as well as individuals with particular experience, including industry representatives of multinational companies. The Departments of the Taoiseach and Finance, the Pensions Board, IDA Ireland and Financial Services Ireland are all members of the pensions group.

The fifth group is the IFSC asset management working group, which considers issues of relevance to the development of a broader based institutional asset management business in Ireland. Its focus is to advise the IFSC clearing house group on the fiscal and regulatory measures that are needed to promote Ireland as a centre for international asset management activities and to identify impediments - fiscal, regulatory, skills or otherwise - and suggest appropriate remedies. It also validates and supports the implementation of an appropriate marketing strategy.

These groups are all designed to fit in promoting Ireland and making it a better place for asset management business. Included are the Irish Association of Investment Managers, IAIM, industry practitioners, Departments, the Central Bank and State agencies, which all meet on a regular basis. I do not have the detail of what they have discussed but we will shortly publish on the website the minutes of the clearing house group meetings since last September. These will include the opinions and proposals of the five individual groups.

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