Eamon Ryan (Dublin Bay South, Green Party)
Link to this: Individually | In context | Oireachtas source

224. To ask the Minister for Finance the outcome of the recent European Financial Forum in Dublin Castle; and the role his Department is taking in relation to the attraction of new financial service companies here. [4169/17]

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

The second annual European Financial Forum was held on 24 January 2017 and was a key deliverable as part of the IFS2020 Strategy's Action Plan for 2016. The event was hosted by my colleague Minister of State for Financial Services, Eoghan Murphy TD, who has responsibility for the IFS2020 strategy. IDA Ireland and EI had lead responsibility for organising this event, in consultation with the Department of Finance and other key public sector and industry stakeholders. I attended the closing sessions of the EFF and gave the final remarks to close off a day of very interesting speeches, panel discussions and presentations.

The European Financial Forum 2017 was a tremendous success with approximately 700 delegates in attendance, representing around 400 companies from 30 countries. The 2017 Forum featured keynote speakers and panel discussions on a number of themes. A major focus for the 2017 Forum was the macro economic outlook for the global economy and impacts for financial services. Given the many international developments in 2016, the EFF2017 was particularly timely in shaping the discussion around the outlook for financial services in our ever changing world. Preliminary planning has begun for a possible third European Financial Forum early in 2018.

EFF 2017 featured 24 domestic and international speakers which included President of the Asian Infrastructure Investment Bank, Jin Liqun; Blackrock Vice Chairman, Philipp Hildebrand; and Credit Suisse Vice-Chair of the Board of Directors (and Chair of the British Bankers' Association), Noreen Doyle among others.

Minister of State Murphy launched IFS2020 Action Plan for 2017 the evening before the forum. The 2017 plan was drafted following extensive engagement with both public and private sector stakeholders through the IFS2020 implementation framework. The 2017 Action Plan is divided into two sections. Section one is a contextual piece outlining the development of the Strategy with a strong focus on Brexit while section two contains the suite of 40 individual measures to be actioned in 2017 under the IFS2020 strategic priorities, with the Department or agency responsible for each measure, and the timeline for delivery. A copy of the 2017 Action plan was provided to each attendee of the EFF.

Since his appointment Minister Murphy has undertaken a significant number of overseas visits to promote Ireland as a destination for financial services investment and launch the IFS Ireland banner brand. In September 2016 Minister Murphy travelled to Singapore, Shanghai and Tokyo, in October he visited New York and Washington and in January participated at the Asian Financial Forum in Hong Kong while also visiting Beijing.

Minister of State Murphy will continue to promote Ireland overseas as the perfect European location for financial services investment as the IFS2020 Strategy moves into 2017, with upcoming engagements in London, Brussels and a visit to Asia in May.  Minister Murphy will of course meet with international IFS firms and promote our financial services offering during his St Patrick's Day visits to Montreal and Toronto. In addition officials from my department continue to engage with key financial services stakeholders through the IFS2020 framework to ensure continued growth and development of the international financial services sector in Ireland. 

Brendan Howlin (Wexford, Labour)
Link to this: Individually | In context | Oireachtas source

225. To ask the Minister for Finance if he has raised Ireland's bid to secure the European Banking Authority with his EU counterparts in bilateral meetings. [2781/17]

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

While I personally have not specifically raised this issue in talks, I would point out that Minister of State, Deputy Eoghan Murphy along with my officials are using every opportunity, to promote Ireland as a location of choice for the European Banking Authority. 

We place a strong emphasis on Financial Services as can be seen from the growth and development of this sector both in the International Financial Services Centre in Dublin and other locations in the country. I believe that the location of international financial institutions in Ireland sends a positive signal to global financial services sector of the importance Ireland place on its international financial services sector. 

The continued growth and development of the financial services is also one of the aims in our IFS 2020 plan which was published in 2015. This plan has 40 actions for this year, one of which (number 35) is specifically to promote Ireland "as the location of choice for the European Banking Authority".

I would like to point out that the ultimate decision on relocation of the European Banking Authority will be made by both the European Council and Parliament and will be linked to the triggering of Article 50 by the UK and subsequent negotiations between it and the European Union.