Michael McGrath (Cork South Central, Fianna Fail)
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124. To ask the Minister for Finance if the Government will be reviewing its financial services strategy; if the Government does not intend to review the strategy, the priority actions it is taking to implement the financial services strategy in light of the Brexit referendum result,; and if he will make a statement on the matter. [23904/16]

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.

In terms of the vision underpinning 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 also focusing on capturing new opportunities in a changing market and embracing the highest forms of governance.

The IFS 2020 Action Plan is reviewed and updated annually. The Action Plan's individual measures are the responsibility of public and private stakeholders. The 2016 Action Plan is mostly on schedule, with measures expected to be completed by the end of 2016.

My Department is beginning the process of liaising with both public and private stakeholders through the IFS 2020 implementation framework to draft the 2017 action plan. It is intended that the 2017 Action Plan will include areas identified by stakeholders as requiring action to increase Ireland's attractiveness for financial services investment.

Minister of State Eoghan Murphy chaired a meeting of the IFS2020 High Level Implementation Committee this morning which considered recent developments in the UK. This follows-on from the work on this issue done both before and after the UK referendum result.  Minister Murphy has worked closely with the IDA and Enterprise Ireland on the impact of the UK referendum result on international financial services and he has engaged on this matter with both domestic and international stakeholders on recent visits to Luxembourg and London.

There will be considerable work on this issue as part of the IFS 2020 Strategy in respect of the forthcoming 2017 Action Plan and it will also inform the 2017 European Financial Forum scheduled for 24 January 2017.  Minister Murphy has also an extensive schedule of international engagements which will be coordinated through our embassy network along with the IDA and EI over the next six months to engage with international stakeholders in the overall area of financial services.

Michael McGrath (Cork South Central, Fianna Fail)
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125. To ask the Minister for Finance the plans the Government has to communicate to the financial services sector that Ireland has the regulatory capacity and expertise to deal with potential new entrants to Ireland following Brexit; and if he will make a statement on the matter. [23905/16]

Michael Noonan (Limerick City, Fine Gael)
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I can assure the Deputy that the Central Bank has confirmed to me that it is committed to providing a clear, open and transparent authorisation process and it is open to applications. 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, if required to properly supervise and regulate additional financial service activity that may relocate to Ireland as a result of the UK referendum on the EU.

It is also important to note the increased role the European Central Bank plays in the banking licence authorisation process in Ireland and throughout the euro system.  Therefore, the Central Bank will respond to any major changes to the Irish financial landscape, including potential new entrants as a result of the outcome of the UK Referendum on EU membership, in collaboration with the ECB.

Minister of State Murphy, who has responsibility for Financial Services, is closely engaging with the financial sector and IDA Ireland on developments in this area.  He has also met with the Central Bank in its role as regulator, who have assured him that the Bank is open to authorisation applications.

The Government will of course work to promote and maintain Ireland's attractiveness to investors, including those in the financial services sector.