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Title: Bundesbank President addresses FSI Annual Lunch - 03/10/2010

Financial Services Ireland (FSI), the IBEC group that represents the financial services industry, today said it supported current government economic strategy and urged greater focus on Ireland’s international financial sector. The comments were made at the group's annual lunch, which also included an address about the role of capital requirements in financial regulation from Prof Axel Weber, President of the Deutsche Bundesbank.

Speaking at the event, Fergus Murphy chairman of FSI and chief executive of EBS said: “Recent economic indicators suggest that the Government has succeeded in stabilising the Irish economy. The key question now facing Ireland is whether we use this stabilisation as a platform for renewed growth or allow our country to stagnate for years.

"The number employed in the IFSC has grown from around 5,000 in 1998 to more than 30,000 today. Ireland can achieve similar growth over the next ten years if we have the right government supports and focus our efforts on sectors of the economy in which we have a track record of success.

"The potential dividend for the economy could be enormous. Early indications of an FSI-commissioned report are that more than 20% of all Irish corporation tax stems from the IFSC, as does 7.5% of GDP. The total contribution to the exchequer in terms of corporate and payroll taxes is in excess of €2bn.

“The recent Budget and the appointment of a world-class regulator are important steps, but we need a renewed focus on competitiveness and a determined effort to market Ireland abroad in order to grow the industry.”

ProfAxelWeberDublinSpeech.pdf - 86 Kbytes

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