IFSC Ireland welcomes Government’s five year plan for the Future of International Financial Services in Ireland

IFSC Ireland will create more than 10,000 net new jobs in the next five years built on the sustainable and responsible foundations already in place as well as those envisioned by Government.

Pat Farrell, Chair of the Executive Steering Committee of IFSC Ireland

July 14, 2011 - IFSC Ireland has welcomed the Government’s Strategy for the Future of International Financial Services Industry in Ireland 2011-16 paper which was unveiled this morning by an Taoiseach Enda Kenny.

Mr Pat Farrell, Chair of the Executive Steering Committee of IFSC Ireland, said: “The Government is giving a clear commitment to international financial services in Ireland in its Strategy document. IFSC Ireland welcomes the report and looks forward to working with Government in the years ahead to ensure that the country remains as attractive a business environment as possible to the companies in the sector.

“This Strategy document, specifically targeting significant growth in international financial services in Ireland, also serves to highlight the increasing importance of international finance to the economic future of Ireland.”

Mr Farrell added: “IFSC Ireland will create more than 10,000 net new jobs in the next five years built on the sustainable and responsible foundations already in place as well as those envisioned by Government.”

Some of the areas tackled by Government in its new Strategy document include a transparent and competitive direct and indirect tax framework; a credible, responsible and proportionate regulatory regime; the development of new business lines; co-ordinated international engagement and marketing; integrated support for investment and growth; targeted development of appropriate skills and the sustained control of business costs.

IFSC Ireland is a pan industry grouping for all international financial services dedicated to the promotion of the IFSC internationally as a preferred location for internationally traed financial services encompassing the Irish funds industry, the international banking sector, insurance, the Irish Stock Exchange and aircraft leasing*.

IFSC industry companies account for 36 per cent of corporation tax receipts and contributed at least EUR1.4 billion in 2009. IFSC companies pay close to EUR2 billion in wages and salaries resulting in personal and payroll tax receipts of EUR713 million. It encompasses some 500 firms and directly employs almost 32,700 people, accounting for 10 per cent of multi-national employment in Ireland.
Confirming the country’s attractiveness as an international financial centre was the news last week (July 8) that Ireland had scooped the coveted Best Financial Centre Outside the UK Award from a leading specialist financial magazine.

“A regulatory approach that understands the needs of providers and a transparent tax system” were what resulted in Ireland securing the accolade at the annual Global Investor Magazine awards.

Aaron Woolner, Editor of specialist financial publication Global Investor/isf explained: “Ireland won this year’s Global Investor financial centre of the year award because of a regulatory approach that understands the needs of providers and a transparent tax system – attributes which have become increasingly important in the current economic environment.”

Ireland was selected as the top financial centre outside the UK after an editorial team drew up a shortlist from all fund centres around the world. That editorial panel then decided which jurisdiction it felt should secure the award primarily based on achieving outstanding performance in the face of the global economic developments in the past 12 months.

The founding members of IFSC Ireland are:

IBF    Irish Banking Federation       www.ibf.ie

FIBI    Federation of International Banks in Ireland    www.ibf.ie

IFIA    Irish Funds Industry Association    www.irishfunds.ie

IAIM    Irish Association of Investment Managers    www.iaim.ie  

ISE    Irish Stock Exchange    www.ise.ie

FSI    Financial Services Ireland    www.fsi.ie

I of B    Institute of Bankers    www.instbank.ie

DIMA    Dublin International Insurance & Management Association Ltd.    www.dima.ie

See http://www.ifscireland.ie/who.html for further information about IFSC Ireland.
       
FOR FURTHER INFORMATION CONTACT:
Angela Madden
Marketing & Communications Manager
IFIA
angela.madden@irishfunds.ie
Mobile: + 353 (0)86 041 4755