Willie Penrose (Westmeath, Labour)
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Question 58: To ask the Minister for Finance if he will make a statement on his address to senior banking executives at the National College of Ireland on 15 December 2004. [2482/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I was delighted to have been invited by the National College of Ireland to deliver the inaugural talk in its lecture series entitled Leaders in International Financial Services. My talk focused on three main topics: the importance of the financial services industry and the IFSC to the Irish economy; what the Government is doing to support the industry; and the importance the Government attaches to high standards of competence and conduct, and so to education and training.

With regard to each of these main topics, I highlighted the number of people directly employed in the financial services sector, noting that the sector now accounts for about 4.5% of our GDP. I noted the establishment of our new regulatory regime. I also noted that the consultation process between industry and the Government is important in identifying and addressing issues. I highlighted the dangers of firms failing to ensure that high standards of professional conduct in dealing with clients are complied with at all levels and that this type of reputational risk could adversely affect not just individual institutions, but also the Irish financial services industry at large. I referred to the importance of the Irish financial services institute at the National College of Ireland in providing those working, or who wish to work, in the financial services sector with the necessary skills. I also highlighted the Government's commitment to playing its part by investing in the education system to assure success over the longer-term.

The text of my contribution was published on the Department of Finance website, and I have arranged that a copy be provided to the Deputy.