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IFSC pivotal to urban regeneration of Dublin - FSI

Friday, 19 October 2018
Financial Services Ireland (FSI), the Ibec group representing the financial services sector in Ireland, today highlighted the significant economic contribution the IFSC has made to the city of Dublin and beyond at a special event held in conjunction with Citi Ireland. In 1987, 60 people were employed in financial services companies in the IFSC. Today, this number has grown to over 38,000, with an additional 10,000 employed regionally.
Opening the event, Lord Mayor of Dublin, Nial Ring said: “The role that the financial services sector has played in urban regeneration for the city of Dublin and the country as a whole cannot be understated. Not only have they created over 38,000 highly paying and sustainable jobs that support families and communities, but has also facilitated the development of infrastructure, buildings, roads and footpaths in previously underutilised areas of the city.

“The IFSC and the wider Docklands area, once filled with dilapidated warehouses and derelict sites have been replaced with modern infrastructure, public squares and spaces that we can be proud of as a city. This regeneration would not have happened without the support of the Financial Services Sector.”

Speaking at the event this morning, Minister for Finance and Public Expenditure and Reform Paschal Donohoe: “Urban regeneration is a key priority for the Government, with Project Ireland 2040 setting national targets in relation to the strategic development and regeneration of underutilised parts of our cities and towns, promoting balanced development right across the country.

“The IFSC, which sits in the heart of my constituency, has transformed what was once a derelict part of Dublin, beyond recognition. It has provided tens of thousands of high end jobs and put Ireland front and centre on the map, internationally, in respect of the provision of financial services. Engagement with the local community by companies, like Citi Ireland, has also been extremely beneficial to young people in the area, providing them with valuable career guidance and experience along the way. It is essential that centres such as the IFSC play their part in the regeneration of the areas closest to them as they develop. I look forward to seeing the shape this takes as the IFSC grows even further in the years to come”.

Cecilia Ronan, Citi Country Officer for Ireland added: “We are delighted to host the FSI regional event, highlighting the contribution of the international financial services sector to urban regeneration in the IFSC. Citi Ireland have a long-standing history of supporting our local community through education and employment, as we believe it is our duty to invest in our neighbourhood and integrate into our locality. We have thoroughly enjoyed building the strong relationship we have with our community through providing these opportunities, and we look forward to building on this relationship even further with our neighbours here at the IFSC.”

Brian Hayes MEP said that: “Dublin has consistently been recognised as a global leader in various rankings when it comes to its financial services centre. It is home to many of the world’s largest financial institutions and offers a range of services to investors and businesses. This has created huge opportunities for Dublin as a city and for urban regeneration. It has fed down to the local economy as a means of spreading wealth and has given many citizens access to jobs and has boosted growth.”

Gina Quin, President, National College of Ireland stated that: “Cities are driven by talented people and skills and lifelong learning are key drivers of the success of Dublin’s IFSC. National College of Ireland prides itself on being closely aligned to the needs of learners and the Financial Services Industry.”

Speakers discussed their organisation’s activities in contributing to the regeneration of the area and promoting the location as a hub for the International Financial Services Sector post-Brexit. Discussion also centred around the skills, innovation and infrastructure required to make this happen and the positive impact of growth for the local area. The event was moderated by Padraig Rushe, Chair of the IFSC Trust and CEO of Initiative Ireland.

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