Peadar Tóibín (Meath West, Sinn Fein)
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Question 139: To ask the Minister for Finance when he will establish the taskforce on the future of the financial services sector to maximise employment opportunities in financial services as per the Programme for Government; the time scale for the establishment and reporting of this taskforce; the persons who will be on this taskforce; and if he will make a statement on the matter. [5879/11]

Michael Noonan (Limerick City, Fine Gael)
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The Programme for Government sets out that the Government is committed to the future development of the International Financial Services Centre (IFSC) as a source of future employment growth subject to appropriate regulation. More than 32,000 people are directly employed in international financial services, in over 500 firms. Substantial indirect employment is also generated, and the sector contributes €2.1bn in corporate and payroll taxes to the Exchequer. Accounting for 10% of multi-national employment, international financial services represents an estimated 7.4% of GDP, and 5% of EU international financial services activity is carried out from Ireland.

The fundamental goal of public policy in relation to the IFSC is to develop the international financial services industry in Ireland, built upon sustainable, responsible and internationally respected foundations, to maximise not only the number of jobs, but also the quality of employment and the future sustainability and growth prospects of the industry.

The Government believes that it is necessary to continue to adopt, articulate and implement a clear vision for the development of the IFSC to demonstrate Ireland's commitment to the promotion and growth of its international financial services industry. As part of this, work is underway on the preparation of a new strategic review for the development of the international financial services industry. Advancing the key recommendations of the Strategy through the structure of the IFSC Clearing House Group and other IFSC Working Groups will ensure that progress is advanced within an agreed time scale to be determined as part of the strategic review.