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Title: IFSC reaction to Budget 2010 - 12/09/2009

Financial Services Ireland (FSI), the IBEC group that represents the financial services industry, welcomed today’s Budget.

Brendan Kelly, Director of FSI said: “The Minister’s explicit recognition of the potential of the IFSC is extremely welcome, as is his commitment to introduce a suite of measures in the Finance Bill to position Ireland as European hub for the funds industry. If we get this right it could create up to 5,000 jobs over the next five years.”

“Combined with firm reassurances on the corporate tax rate, and no further increases in personal taxation, the Budget sends a clear and unambiguous message to IFSC firms that the Irish Government is committed to developing and growing this important part of the economy.”

“The Minister’s speech stands in stark contrast to the approach adopted in some European countries that has been openly hostile to financial services. It sends a clear message that Ireland remains a welcoming location for international financial services firms.”

“While the IFSC continues to face enormous challenges, it has the potential to create several thousand new jobs over the next five years if the Government follows through on the commitments given today. The IFSC was instrumental in Ireland’s last economic recovery, with the right support it can do so again.”

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