asked the Minister for Finance the number of licences which have been issued for the financial centre in the Custom House Docks site, Dublin 1; if he adheres to the target of 7,500 jobs within five years in the centre, the way in which he will ensure that none of these jobs will be simple transfers from operations elsewhere in Ireland; and if there will be any liabilities to be met by the taxpayer in the event that the financial centre does not achieve a minimum level of activity.
Written Answers. - Financal Services Centre.
53.
I have, to date, given certificates under the relevant statutory provisions to four companies locating in the International Financial Services Centre (IFSC) in the Custom House Docks area. Applications by a further 23 companies have been approved in principle.
In relation to the target of 7,500 jobs over a five year period I am confident that it can be achieved. To qualify for the 10 per cent rate of corporation tax, companies intending to locate in the IFSC must meet certain requirements which are set out in the relevant legislation and must also be certified by me. That certification process ensures, inter alia, that activities and jobs will not simply and without justification be transferred from another part of Ireland to the Custom House Docks area. Such transfers may, however, be justified in certain limited cases where there are plans for significant expansion in the scale of the activities in question in response to the stimulus of the favourable environment of the IFSC: to refuse permission for such transfers would not serve the best interests of the economy because it would mean foregoing additional new employment, profits and investment.
The answer to the last part of the Deputy's question is in the negative.