Enda Kenny (Mayo, Fine Gael) | Oireachtas source

-----or which caused the extreme situation that obtains internationally. In the context of how it does its business and what it does, the IFSC is in a different league from commercial banks - with their lending policies, moves into the area of property and all the rest of it - which created a bubble that exploded, left the country in the lurch and saw to it that 150,000 construction workers became unemployed. Nor is this an institutionalised conduit of Government for dealing with the institutions in question. There are, after all, 33,000 men and women who are employed at the IFSC. These people do an enormously important job for both the economy and the reputation of the country. The Deputy should not brand them as being the same as those who operated in the other arm of banking, whose incompetence led to a debacle.

Policy is not set by the banks or the Clearing House Group; it is set by the Ministers and by the Government. It is perfectly in order for Ministers or for the clearing house group to hear the views of the industry, which after all employs 33,000 people, about the changing nature of advantages and opportunities for business abroad and how that might impact on this country. While these matters are subject to regulation, such regulation should be effective but not over-restrictive. That is a very important element for creating further advantage, brand image and the opportunity for people to work in it.

I had the privilege of launching its document last year. It describes the opportunities for future business in different and more creative ways. The clearing house group is a forum for the public and private sectors to come together. It is chaired by the Department of the Taoiseach and its brief is to look at the long-term development of international financial services. It is absolutely above board. There is no cosy cartel in operation. The minutes of the meeting will be on the website very shortly. I have written to the Chairman of the Joint Committee on Finance, Public Expenditure and Reform with the intention of giving the committee members a full briefing. The report which has been published will also be put up on the website of the Department. Far from it being some form of secretive, clandestine, conspiratorial, institutionalised conduit of the State, as the Deputy calls it, this is a very effective forum for dealing with job creation, improved investment in the country, the development of our economy, the creation of jobs and a much happier country. The Deputy may not support that but I have a very different view.

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