Mairead Farrell (Galway West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

308. To ask the Minister for Finance if a list of members of a group (details supplied) in its current formation will be provided. [27347/20]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In 2015 a strategy was launched called IFS2020: A Strategy for Ireland’s International Financial Services Sector 2015–2020.  New implementation structures were established under that Strategy and the Clearing House Group no longer exists.  This committee structure continues under the most recent Strategy for the development of the international financial services sector to 2025 ‘Ireland for Finance’ (2019).  The new committee structure is a modernisation to reflect the profile and characteristics of the sector as well as new models of engagement which have worked well in driving growth and job creation through the Action Plan for Jobs and other successful government strategies.  Furthermore, given the nationwide nature of international financial services the new structures are better placed to promote the continued regional development of the industry than the IFSC Clearing House Group.

Under the new structures, an Industry Advisory Committee (IAC) represents the industry expertise and a High Level Implementation Committee (HLIC) which is a senior group of civil and public servants represents the public sector.  The public sector High Level Implementation Committee meets quarterly as a standalone committee. It and the Industry Advisory Committee meet jointly as the Ireland for Finance Joint Committee each quarter.

Minister of State Sean Fleming TD at the Department of Finance chairs the public sector High Level Implementation Committee, which consists of senior officials in the Departments of the Taoiseach, of Finance, of Business, Enterprise and Innovation, of Education and Skills, and of Foreign Affairs and Trade, and the CEOs of Enterprise Ireland and the IDA. The High Level Implementation Committee provides strategic leadership to continue the development of the sector and ensures coordinated, timely and effective implementation of the strategy.

The Industry Advisory Committee consists of executives from Irish and international firms representing all sub-sectors in the international financial services sector. The Industry Advisory Committee supports the High Level Implementation Committee in implementing the strategy and in monitoring and reporting on progress. 

A list of members of the public sector High-Level Implementation Committee and the Industry Advisory Committee who meet together as the Joint Committee is set out below: 

Current members of the High-Level Implementation Committee (HLIC)

Current Members of the Industry Advisory Committee (IAC):

Mairead Farrell (Galway West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

309. To ask the Minister for Finance if a group (details supplied) has advised on Covid-19 related expenditure measures. [27348/20]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In relation to the Deputy's question, I would like to begin by noting that the IFSC Clearing House Group no longer exists.  In its place there is the ‘Joint Committee’ which was established under IFS2020: A Strategy for Ireland’s International Financial Services Sector 2015–2020. The Joint Committee consists of two committees which have continued into the Ireland for Finance strategy, the public service High Level Implementation Committee (HLIC) and the Industry Advisory Committee (IAC). The Chair of the Joint Committee is the Minister of State in the Department of Finance. Further details have been provided on this change in PQ REF 27347/20.

Since the advent of the Covid-19 pandemic earlier this year, the Ireland for Finance Joint Committee held a meeting in May 2020. At this meeting, discussions were held around the resilience of the international financial services sector and how the public and private stakeholders had responded to Covid-19.

It is understood from stakeholder feedback that the early signs are that the IFS sector has been fairly resilient to the impact of Covid-19 but the true impact won’t be clear until at least the end of the year.

With the onset of the pandemic, the enterprise agencies of IDA and Enterprise Ireland have engaged in an extensive, country-wide client outreach programme to offer support to businesses during this difficult period. This involved virtual bilateral engagements with companies, as well as virtual group meetings to share experiences around working safely and effectively during the pandemic and to discuss best practice with regard to returning to the office. It was important that the IFS sector was included as an ‘essential service’ early on and the transition to working from home went relatively seamlessly for most companies.

Having said that, FDI is not immune to Covid-19, and IDA are dealing with supply and demand shocks.

Enterprise Ireland has been working on connecting companies to financial supports is part of their stabilisation process. EI’s overseas offices have been offering guidance on the different markets and how things are shifting.

As work gets underway to develop Action Plan 2021, there will be engagment with the public and private stakeholders on the Joint Committee to consider what measures may assist the national recovery and minimise Covid 19 impacts.

The minutes of the public sector High-level Implementation Committee and the Joint Committee meetings are published on the Department of Finance website once agreed by the Joint Committee members at their next meeting on Tuesday, 29th September.