Dara Calleary (Mayo, Fianna Fail)
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19. To ask the Minister for Finance his views on the significant fall in Dublin’s standing as a financial services centre in the recent Global Financial Centre’s Index; and if he will make a statement on the matter. [37062/14]

Michael Noonan (Limerick City, Fine Gael)
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I understand that the Deputy is referring to the Global Financial Centres Index 15. It is the case that Dublin has decreased in its ranking compared to the 2014 survey.

The change in the ratings is not an issue unique to Dublin, 23 of the 27 centres in Europe declined in the rankings including Copenhagen, Edinburgh, Madrid, Lisbon and Rome.  However, in the survey Dublin continues to be ranked in the top 20 European centres.

Of course this is not the only evaluation of Ireland's ability to attract and retain business activity. Forbes named Ireland "the best place in the world to do business"; the IMD competitiveness yearbook ranked Ireland 1st in the world for the availability of skilled people and the flexibility of the workforce.

The financial services industry continues to attract projects and create employment in Ireland. Between 2009 and 2012 6,000 net new jobs were created within the industry with strong growth in fund administration, insurance, aircraft leasing and other linked technology based companies. According to a FSI survey in April this year, the International Financial Services sector currently employs approximately 35,700 people including some 10,000 people outside Dublin.

The Government had already recognised the need to re-consider the existing strategy for international financial services. Minister Simon Harris has been tasked with promoting and developing international financial services and is the first time a Minster has been given such responsibility in twenty years.  Minister Harris recently announced that he intends to revise the strategy for the international financial services sector with the aim of completing the new strategy in early 2015.