Joan Burton (Dublin West, Labour)
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Question 194: To ask the Minister for Finance his views on whether the significant changes in the international financial services sector resulting from the ongoing upheaval in global finance could pose a risk to thousands of jobs in the International Financial Services Centre in Dublin; if he has a contingency plan to safeguard these jobs; and if he will make a statement on the matter. [45369/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Notwithstanding the recent problems in the global markets — from which no country could expect to be immune — the development of Ireland as a global financial centre is one of the major success stories of the Irish economy over the past two decades.

Of course, competitiveness is key to success. In that regard, the Clearing House Group, the public sector — industry partnership, which operates under the aegis of Department of the Taoiseach, is currently working on developing new strategic thinking for the future of the industry which we hope to have in place shortly. The Government is fully supportive of all these efforts aimed at maintaining the strength of the industry going forward.

The Taoiseach met with the Clearing House Group on 20th November and restated the Government's commitment to the industry.

The key priorities for building and embedding competitive advantage for Ireland into the future have been established through the strategy statement — "Building on Success" — which was published in September 2006. The Government will continue working to ensure that Ireland has the appropriate regulatory and fiscal structures to facilitate this important part of our economy.