International Financial Services

The following actions will be undertaken in 2012 in respect of the Financial Services sector. We will:

 

7.9.1 Support the implementation of the Strategy for the International Financial Services in

Irelandas adopted by the Government (cross‐departmental/cross‐agency)

 

7.9.2 Systematically identify and engage with those existing client companies within the IFS portfolio (150 companies / 250 operations) that have the best potential to deliver the maximum number of new jobs. (IDA Ireland)

 

7.9.3 Target those segments of the industry and the associated top companies that are showing signs of growth and a capacity for international expansion. (IDA Ireland/Enterprise Ireland)

 

7.9.4 Focus on winning investment opportunities in activities that have high job creation potential. IDA will establish a Global Institution Group within its Financial Services Division to explicitly target these very large groups with a view to winning projects of scale (IDA Ireland)

 

7.9.5 Identify large, global financial services groups that are restructuring their operations in response to the challenges facing the sector and offer Ireland as a high quality, cost effective and sustainable location with the skill sets directly aligned with their needs. The Global Institution Group referenced in the recommendation above will be relevant here also. (IDA Ireland)

 

7.9.6 IDA will work with stakeholders (both public and private) across the system on a number of strategic initiatives that can create new employment opportunities in the medium term. These are as follows:

  • Clearing and Settlement / Post Trade Services; Green Finance; Islamic Finance;
  • Progress the recent joint venture announced between IDA Ireland and the IrishFunds Industry Association (IFIA) whereby IDA’s overseas office network and staff will be used more proactively to market Ireland as a funds domicile and servicing centre with IFIA providing training and a network of subject matter experts to support IDA’s marketing work;
  • Furtherdevelop the relationship with IFSC Ireland in terms of marketing and promotion of Ireland as a jurisdiction for high quality international financial services activities. (IDA Ireland)

 

7.9.7 Promote Ireland as International Centre of Excellence in Payments, and continue development of the Financial Services Technology Centre focusing on Governance, Risk and Compliance. (Enterprise Ireland)

 

7.9.8 Promote Ireland as an intellectual property jurisdiction in relation to the International Financial Services sector. (IDA Ireland)

 

7.9.9 Provide support to Irish HEIs to commercialise research projects in International Financial Services. (Enterprise Ireland)

 

7.9.10 Increase the number of High Potential Start‐UP projects including projects from overseas entrepreneurs. (Enterprise Ireland)

 

7.9.11 Engage and consult with industry to enhance the tax framework, including through the annual Finance Bill process, in particular to facilitate areas where Ireland can gain firstmover advantage in developing sustainable business lines. (Department of Finance and Revenue Commissioners)

 

7.9.12 The Central Bank and relevant Government departments will consider and consult with industry, other stakeholders and one another in respect of the effects of new regulation on the financial services sector and the broader economy and any potential overlap between new measures and related existing requirements (cross‐departmental/cross‐agency)

 

7.9.13 Based on the outcome of the National Research Prioritisation Exercise, invest in research and development which can drive innovation in services including financial services. (All research funders under aegis of Inter‐Departmental Committee on Science, Technology and Innovation)