Michael McGrath (Cork South Central, Fianna Fail)
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87. To ask the Minister for Finance if the International Financial Services Centre has the necessary physical infrastructure and other resources to benefit from any re-location of financial services funds from the United Kingdom; and if he will make a statement on the matter. [19014/16]

Michael Noonan (Limerick City, Fine Gael)
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The Government's IFS 2020 strategy is a framework in which both public and private stakeholders will work to ensure the further growth and development of the international financial services (IFS) sector in Ireland. The IFS sector now employs about 38,000 people across over 400 companies with a 10,000 of those employed outside Dublin.

The strategy seeks to ensure that we protect the progress that has been made but to also to develop further as we recognise that we cannot stand still. In terms of vision for the Strategy we want Ireland to be recognised as a global location of choice for specialised international financial services, building on our strengths in talent, technology, innovation and excellent client service while focusing on capturing on new opportunities in a changing market and embracing the highest forms of governance.

The Government will continue to remain focused on the successful implementation of the IFS 2020 strategy and the development of a robust and sustainable financial services sector in Ireland. As we have always done, we will continue to market Ireland across the globe as the number one location for foreign direct investment.

In relation to the physical infrastructure, the capabilities and associated infrastructure to support international financial services activity now extends well beyond the original boundaries of the IFSC. For example, the funds industry employs people in over ten counties around Ireland. Other financial services companies and firms are also located throughout Dublin and in other centres around the country so there are a range of options for firms considering Ireland as a base. 

Currently about 3.5 million square feet of office space is under construction.  It should also be noted that of this 3.5 million square feet, at least 1 million square foot is pre-let with legal contracts exchanged with a further 600k square feet formally reserved.

Annual office take up last year was c. 2.6 million square feet and expected take up in 2016 estimated at around 2million square feet.

Figures provided by the IDA forecast that there is approximately 5.2 million square feet of grade A office space due for delivery by end of 2018. 

We will continue, through the IDA, to promote the attractiveness of Ireland as a location of choice for investment and talent.  This is based on our unique competitive strengths and our position as an English-speaking country in Europe.

Naturally, there may be new opportunities arising for Ireland in certain sectors, many of which already form part of the IDA's marketing strategy.  We will, for example, continue to implement our clear strategy for driving growth in the financial services sector and we will maximise any opportunities that might arise.

My Department and the Central Bank had considered the potential financial regulatory resource implications of a UK vote to leave the EU.  At present, the Central Bank Commission is satisfied that it has the resources required to regulate the financial sector.  I am confident based on the Central Bank's ability to significantly expand its regulatory resources in the last seven years that it is capable of doing so again in order to properly supervise and regulate additional financial service activity that may relocate to Ireland.