Richard Bruton (Dublin North Central, Fine Gael)
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Question 118: To ask the Taoiseach the progress made to date in establishing a centre for financial services skills; and if he will make a statement on the matter. [14476/10]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The concept of a Centre for Financial Services Skills arose during the consideration being given to the level of world class skills, education and training required to sustain and further develop the international financial services industry in this country. Addressing the skills needs of the industry both in terms of quality and quantity was seen as one of paramount importance to the continued success of the industry.

With this in mind, and before the establishment of such a body, the Expert Group on Future Skills Needs was requested by the Clearing House Group to examine the skills needs of the entire international financial services industry and to put in place a strategy to ensure a continued and sustainable supply of skills to meet the needs of employers. This Group produced their report in December 2007. From the study and the research undertaken by the Expert Group it was clear that no one academic institution had the capacity alone to cater for all the highly desired skill sets identified as being in short supply. This changed the emphasis from the idea of a physical location, i.e., a Centre, towards an education initiative to address the shortage of skill sets required for the industry, some at entry level and others at medium stage level.

A Subgroup on Skills was mandated by the Clearing House Group, at its meeting on 12 June 2008, to bring forward immediate action to address the findings of the Expert Group. The Subgroup developed a proposal referred to as the "Fenero Initiative" which included the key elements of what now forms the Finuas Networks Programme (Finuas). The model involved co-investment by the State and firms, which had proven to be highly successful in the Skillnets Training Networks Programme since 1999 in a range of sectors and regions. Skillnets Ltd was appointed by the Department of Enterprise, Trade and Employment as the managing agent for Finuas in late November 2008.

The Finuas Networks Programme is dedicated to specialised training within the international financial services industry and is jointly funded by the Government and companies within the industry. Finuas is envisaged to run for up to 5 years with €1m allocated from the National Training Fund in both 2009 and 2010. Finuas aims to support the industry in maintaining Ireland's position as a top international financial services centre through investment in the specialist skills and expertise of its workforce.