Seán Kyne (Galway West, Fine Gael)
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177. To ask the Minister for Finance the progress to date at achieving the objective of assessing technology and innovation opportunities in the financial sector, including skills availability and educational requirements as contained in the Action Plan for Jobs and with particular regard to workers in the banking sector and the challenges presented by the restructuring and or downsizing of some financial institutions; and if he will make a statement on the matter. [34220/14]

Michael Noonan (Limerick City, Fine Gael)
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Under the Action Plan for Jobs, the Clearing House Group, under the auspices of the Department of An Taoiseach, initiated a series of working groups to examine particular aspects of international financial services in Ireland. One such working group composed of private and public body representatives, including the IDA and EI, has been examining the so-called Fintech sector which employs an estimated 4,000 people in Ireland - and the opportunities that it offers the country in the future, in particular with regard to increasing the number of people employed in the fintech sector; many of the leading financial institutions with technology operations in Ireland are actively recruiting in this sector which has been identified as an area for growth. A preparatory report has been examined and will now be further developed by that working group with the involvement of the newly appointed Minister for International Banking (including the IFSC). In addition, there has been a significant focus on establishing supports for entrepreneurs from the Financial Services industry, by working with the start up ecosystem to set up pre accelerators and accelerators. One such initiative is the NDRC "Fintech Pre-Accelerator" which was set up earlier this year to provide an early stage support structure for entrepreneurs. Sponsors of the initiative included Enterprise Ireland, Bank of Ireland, State Street and Mediolanum.