Written answers

Tuesday, 30 November 2010

Department of Finance

Proposed Legislation

5:00 am

Photo of Lucinda CreightonLucinda Creighton (Dublin South East, Fine Gael)
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Question 129: To ask the Minister for Finance his plans to develop a White Paper on financial services as outlined in the global Irish forum report; and if he will make a statement on the matter. [45318/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Minister, Department of Finance; Dublin West, Fianna Fail)
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I understand that the Report of the Global Irish Economic Forum was published by the Minister for Foreign Affairs on 13 October 2009 and that an Inter-Departmental Committee of senior officials, chaired by the Secretary General to the Government, are considering how to take forward the recommendations contained in the Report. The Department of Foreign Affairs published a first progress report in October 2010, and is available at: http://www.dfa.ie/uploads/documents/IAU/farmleighoneyearon.pdf.

A number of important steps have been outlined to support the financial services sector including:

· new financial regulatory structures and legislation are being put in place by the Government to strengthen Ireland's position as a leading centre for the industry;

· specific market opportunities for developing the scope and range of financial services located in Ireland are being developed; and

· the appointment of former Taoiseach John Bruton as Chairman of the industry-sponsored IFSC Ireland, with responsibility for promoting Ireland's international financial services industry.

While the Government has no plans to develop a White Paper on Financial Services, the Deputy may wish to note that the National Recovery Plan 2011-2014, published on Wednesday 24 November, identifies financial services as one of a number of key areas of economic activity which will provide growth and employment as Ireland's economy recovers. The National Recovery Plan outlines a number of steps that the Government has taken and will take to support the sector, including:

· measures in the Finance Act 2010 to improve the competitiveness of the international funds industry including developing Islamic finance products;

· options for the international financial services sector are being identified through a Strategy Review by the IFSC Clearing House Group, which is serviced by the Department of the Taoiseach; and

· continued modernisation of the financial regulatory framework within the State.

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