Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Taoiseach for his reply. Publication of the minutes of meetings of the IFSC Clearing House Group tends to happen approximately three months after a meeting, which is not great in terms of transparency, and a much earlier publication of minutes would be very helpful. I am somewhat puzzled by the May minutes, which revealed that the State's top civil servant, as the Secretary General at the Department of the Taoiseach, Mr. Martin Fraser, was described in one publication, was very critical of the Strategy for the International Financial Services Industry in Ireland 2011-2016, which was launched by the Taoiseach and referenced in his reply. Mr. Fraser indicated at the May meeting that the strategy for the financial services centre was now a few years old and that tracking its implementation might become an issue. He made strongly critical comments on the issue and referred to the idea of three representatives from the industry meeting three public sector representatives to discuss "the future of the industry".

Does this mean the strategy launched by the Taoiseach with great fanfare is now redundant and the Secretary General of his Department has no faith in it? At the same meeting, the assistant Secretary General at the Department of Finance, Mr. Neil Ryan, presented a position paper which was discussed by the 23 members present. He argued that the IFSC's strategy and offering needed a radical rethink. He argued that the IFSC Clearing House Group, as well as the strategy, was stale and not capitalising on where things were going in the future. He expressed the opinion that unless something changed Ireland would be likely to lose jobs to competitors, and told the group of his belief that there should be a new ambitious, coherent and co-ordinated plan which all relevant stakeholders could buy into in order to rebrand and market the industry while building on the skills and expertise already available. There were also contributions from the private sector on the strategy and the issue as a whole.

Approximately a year and a half ago the Taoiseach launched what we were told was a comprehensive, far-seeing vision and strategy for the financial services centre, but it now seems it was nothing of the sort. Will the Taoiseach confirm whether he is drawing up a new strategy, or is the work of the three public sector representatives and representatives from the private sector just to consider the role of the IFSC Clearing House Group? Are they examining the broader issue and a more comprehensive new strategy for the IFSC?

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