Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

126. To ask the Minister for Finance the strategic plans the Government has to engage directly with key UK stakeholders related to potential inward investment from the financial services sector; and if he will make a statement on the matter. [23906/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Government 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.  In this regard, both Enterprise Ireland and IDA are in close contact with their clients on the challenges and opportunities that this vote presents.  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.

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 on new opportunities in a changing market and embracing the highest forms of governance.

The Government will continue to remain focussed 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. 

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 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.