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IFSC Strategy 2011-2016

Strategy for the International Financial Services Industry in Ireland 2011-2016

Financial Services Ireland welcomes launch of IFSC strategy
Goal to create 10,000 net new jobs over 5 years

Financial Services Ireland (FSI), the IBEC group that represents the financial services industry, today welcomed the launch by An Taoiseach Enda Kenny of the Strategy for the International Financial Services Industry in Ireland 2011-2016, which sets a goal for the industry to create 10,000 net new jobs.

The strategy is the result of intensive collaboration between public sector and industry stakeholders in the IFSC Clearing House Group, under the aegis of the Department of the Taoiseach.

Welcoming the strategy, FSI director Brendan Bruen said: “The jobs target is challenging, but achievable. Over the last 10 years IFSC employment grew from 8,500 to 33,000. The job creation target is a realistic goal given the opportunities that exist across insurance, banking, fund administration and investment management, and the potential of the Green IFSC, payments and other emerging sectors.

“To achieve the aim of 10,000 new jobs, significant challenges will have to be overcome and existing activity has to be protected. The only way to do that is to ensure that the best possible environment for growth is maintained and to work constantly to improve Ireland’s attractiveness as a financial centre.

“It is all about getting the environment right – across tax, regulation, skills, costs, international engagement and support for investment and new business lines.

“The resilience shown by the IFSC through the global crisis shows the capacity of the sector to contribute to recovery. But we have to be clear that if the environment is wrong, jobs will be lost.

“At the core of the strategy is ensuring world-class tax and regulatory regimes. The right regulatory environment does not mean light regulation. It means having a regulator that is credible, responsible and efficient. Through radical structural reform and extensive recruitment, the Central Bank has built the capacity to supervise the most complex businesses. This capacity will be at the heart of the IFSC’s growth potential,” concluded Mr Bruen.

FSI also welcomed the renewed commitment to full engagement between industry and the public sector, and the renewed mandate for the IFSC Clearing House Group to drive implementation of the strategy.

The IFSC directly employs 33,000 people and contributes €1.4bn in corporation tax, and a further €700m in payroll taxes, according to a report published in 2010 by Accenture.

© Financial Services Ireland, 2013
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© Financial Services Ireland 2013