Written answers

Thursday, 15 November 2012

Department of Finance

International Financial Services Industry

Photo of Kevin HumphreysKevin Humphreys (Dublin South East, Labour)
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To ask the Minister for Finance his views on whether it is appropriate for staff from the Central Bank of Ireland to sit on the IFSC Clearing House group when it is the regulatory authority for many of the banks and financial institutions located in the IFSC; if he is concerned at the potential for regulatory capture and previous mistakes being repeated by the Central Bank of Ireland being represented on a formalised lobbying forum; and if he will make a statement on the matter. [50726/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Membership of the Clearing House Group is comprised of public and private sector representatives and reflects a wide range of experience and expertise so that its objectives of identifying opportunities to develop sustainable business and employment in the various sectors of the international financial services industry can be achieved. The primary focus of the group is to identify and consider issues of importance to the long-term development of the international financial services industry in Ireland in line with the Programme for Government which states that the Government “supports the future development of the IFSC as a source of future employment growth, subject to appropriate regulation ” and commits to the development of the financial services sector to maximise employment opportunities.

Since the inception of the IFSC, close cooperation between industry and the public sector has been a foundation of its success. It is entirely appropriate that the public sector works with companies that employ tens of thousands of people in Ireland, with a view to protecting and creating jobs and maintaining Ireland’s competitive position as a leading centre for international financial services.

The Central Bank participates in the IFSC Clearing House Group at the invitation of the Department of the Taoiseach. The Central Bank of Ireland makes a useful contribution to IFSC debates on the development of financial services policy based on its experience of regulation and knowledge of the technical matters under discussion. The Central Bank is satisfied that it conducts its regulatory and supervisory functions in an independent manner.

The IFSC strategy, which the Clearing House Group is tasked with implementation, sets out the very clear policy that “our future as an international financial services industry centre depends on having a credible, responsible and proper regulatory regime,” and a regime “that has the capacity to deal with the most complex international institutions and the increasing volume of EU and international requirements .”

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