Bernard Durkan (Kildare North, Fine Gael)
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287. To ask the Minister for Finance the degree to which he continues to monitor activities in financial circles post-Brexit with a view to ensuring that financial services in Ireland are not in any way disadvantaged as a result of Brexit; and if he will make a statement on the matter. [10042/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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Over the past few years, my Department has worked closely with the Central Bank of Ireland and the National Treasury Management Agency (NTMA) to limit the impact of key identified risks in the Irish financial system and to ensure that the sector was adequately prepared for the possible effects of Brexit. My Department, the Central Bank and the NTMA continue to monitor developments and activities in the financial sector in accordance with their respective responsibilities.

The nature, scale and complexity of Ireland’s international financial services sector is changing in a number of ways as a result of firms relocating within the single market, and the sector is broader and more diverse with more firms carrying out a greater range of regulated activities than at any time. The full impact of Brexit for Ireland’s international financial services sector may not be fully evident for some years.

The Government and various state agencies, in partnership with the sector, will continue to implement ‘Ireland for Finance’, the strategy for the development of Ireland’s international financial services sector to 2025, and are working to fully capture any opportunities for inward investment that emerge through promoting Ireland’s strengths as a leading financial services centre.

At the launch of the Ireland for Finance Action Plan for 2022, Minister of State Fleming announced that the Department of Finance will be carrying out a mid-term update of the strategy to maintain the growth of the international financial services sector. The review will run alongside the implementation of the 2022 Action Plan, will inform the prioritisation of work and strategic direction in the future  while building on the success achieved to date.