Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Deputy is referring to the structures in place to engage with the financial services industry following the discontinuation of the IFSC Clearing House Group. The Minister of State, Deputy Eoghan Murphy, is responsible for leading implementation of the whole-of-Government international financial services, IFS, 2020 strategy via reformed consultative structures. The Minister of State is unavailable to answer this parliamentary question as he is currently in Asia promoting the Irish financial services sector.  The new structures under IFS2020 were established to ensure greater co-ordination and transparency and replace the IFSC Clearing House Group. Implementation of the strategy and the associated annual action plan is driven by a public sector high level implementation committee, HLIC, membership of which comprises top level civil and public sector officials from key Departments, IDA Ireland and Enterprise Ireland.  A senior representative from the Central Bank attends as an observer.

A private sector industry advisory committee, IAC, has also been established. The IAC is composed of representatives of leading and evolving indigenous Irish and international IFS companies from a broad range of financial services sectors with diverse experience and perspectives.  There is a rotating secretariat, an external international member, and time-bound terms for IAC members. The public sector HLIC and the private sector IAC meet on a quarterly basis as the IFS2020 joint committee and the Minister of State as chair ensures that this committee is accountable for its progress and actions. Annual action plans and quarterly progress reports on the implementation of the strategy are considered by the joint committee and then submitted to Cabinet before publication on the Department of Finance website. The IFS2020 action plan for 2017 will be published shortly.

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