Dáil debates

Thursday, 18 May 2017

Other Questions

Financial Services Sector

5:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I acknowledge that the Department has engaged in the regions and in my own city of Cork. I know that the Minister of State has engaged quite significantly with Cork Chamber and UCC. There is a financial technology centre at UCC which collaborates very strongly with industry, including with State Street and other financial institutions. UCC also has an important tie-up with China. I acknowledge all of that. The regions can offer an awful lot in respect of financial services. The office accommodation, where it is available, is much more reasonably priced. There are significant strengths in the regions that the Department must continue to highlight. I welcome the fact that it is part of the offering and is being promoted when the Department and the IDA are doing their work in terms of attracting international financial services to Ireland.

Finally, on the net issue of the Central Bank, is the Minister of State satisfied with its approach? The Minister of State raised concerns in recent months about the role that other countries are playing on the regulatory front. He suggested that some are making offers to firms that they may not be able stand over. What is the latest information on that?

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