Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The Secretary General of the Department of the Taoiseach chairs those meetings. In my initial reply I also indicated that I met representatives of these groups on various occasions - at business functions, etc. - as is my responsibility and as is part of my remit. I have not been in attendance at seven or eight meetings of the IFSC Clearing House Group. I have been at pains to point out how that forum operates and also who chairs it. Perhaps the Deputy might include that information on the flag to which he refers and bear it in mind on the next occasion on which that banner is flown.

There are people who live in Deputy Boyd Barrett's constituency who work for one of the many companies that have invested in the IFSC. Just as he got his answer in the referendum on the fiscal stability treaty, the Deputy should bear in mind that some of those who live in his constituency work for companies which have invested in and operate out of the IFSC - Zurich, AXA, Generali, Allianz, Citibank, State Street International, J. P. Morgan, BNY Mellon, Bank of Montreal, Bank of America, Merrill Lynch, Prudential, Northern Trust, UniCredit Bank Ireland, Pioneer Alternative Investments, HSBC and many more. Is he saying it is not appropriate that these institutions should invest in our country or that they should not have created, developed and maintained 33,000 jobs here?

The Government has made its view on the corporation tax rate of 12.5% - 11.9% effective across the board - very clear. For many years this rate has been a cornerstone of this country's ability to attract investment. However, it is not the only factor. Our position with regard to technology, our track record and our pool of talent are all factors when it comes to attracting investment. When one adds to these the fact that ours is the only English-speaking country in the eurozone, in the words of former US President Bill Clinton, this makes Ireland enormously attractive to investors. Whether it is in the wider sense outside the financial services industry or in the context of investment in Ireland in general, there are over 1,000 companies that have come here and that are driving our economy. Their efforts will play an enormous part as we make progress towards exiting the bailout.

I do not accept the Deputy's assertion that there is some kind of conspiracy at play or some type of cosy cartel in operation here. I am sure he has visited the Irish Financial Services Centre. He may have met and spoken to the people there - he may even know some of them - who work in the interests of this country in the context of creating job opportunities. We want not only to maintain what is happening at the centre but also to enhance and expand it. The financial services industry has indicated that it wishes to create a further 10,000 net new jobs by 2015. That is the value of this industry to our country. As I pointed out to Deputy Adams, some 3,000 jobs have been created in this area alone since 2011. We want to maintain and develop our strategy in respect of this sector in the interests of both the economy and our people, some of whom Deputy Boyd Barrett might meet on the streets of his constituency. He should not decry those individuals for the work they do.

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