Pat Casey (Fianna Fail) | Oireachtas source

Six months after my election to the Seanad, this is my first time speaking in the Chamber. It has taken a while. I welcome this Bill, which will amend the Investment Limited Partnerships Act 1994 in several ways with the main aim of making Ireland a more attractive domicile for private equity funds. Enactment of this investment partnership legislation is also a commitment included in the programme for Government. The main objective is also part of Ireland for Finance, the Government's strategy to develop Ireland's international financial sector up to 2025. The Bill is an important step in maintaining Ireland's place as the leading funds domicile in Europe. Its intention is to ensure that our corporate structures for investment funds remain fit for purpose and that we maintain our strong global reputation as a jurisdiction for domiciled investment funds.

It is appropriate to recognise the great success we have had in the area of international financial services, achieved through ongoing commitment from all successive Governments. As a party, Fianna Fáil is very proud of the role we played in the 1980s in establishing the International Financial Services Centre here in Dublin. Since then, international financial services have developed right throughout the country, which it is important to recognise. There are now more than 44,000 people employed in international financial services across the country. Of the top 15 global aircraft lessors, 14 are now based in Ireland. Ireland is home to 20 of the world's top 25 financial services companies. With more than €4 trillion in fund assets under administration, Ireland is the third largest global investment funds domicile, the largest European domicile for exchange-traded funds, ETFs, and a leading location worldwide for hedge fund administration. Some 17 of the top 20 global banks and 11 of the world's top 15 insurance companies have a presence in Ireland. The Irish cross-border insurance sector, a report points out, writes business into more than 100 countries with more than 25 million customers. By any measure, this is a remarkable record that Ireland has grown over time in international financial services. This success is not something about which we can be complacent because this is a very dynamic industry in which the pace of change is rapid and the nature of the investment is highly mobile.

As the Minister of State and Senator D'Arcy have pointed out, this is technical legislation amending the 1994 Act. We welcome and support the Bill.