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Dáil Éireann debate -
Wednesday, 2 Nov 1988

Vol. 383 No. 6

Written Answers. - International Financial Services Centre.

91.

asked the Minister for Finance the names of companies who have been issued with certificates to operate in the International Financial Services Centre in the Custom House Docks site, Dublin 1; the total number of applications he has received from Irish and overseas companies for certificates to date; the projected employment levels associated with each application and with those companies already approved; if, in addition to the package of incentives announced by the Government to attract financial services companies to the centre, any special or additional incentives have been offered to any particular company; if he has satisfied himself with the response to the marketing of the centre to date; and if he will make a statement on the matter.

In relation to the first part of the Deputy's question, I have to date given certificates to seven companies under section 39B of the Finance Act 1980 (inserted by section 30 of the Finance Act 1987). The companies are:

—Gandon Securities Ltd,

—KB Financial Services (Ireland) Ltd, —North Wall Street Investments,

—Reflex International Financial Services Ltd,

—IBI International Finance Ltd,

—Ulster International Finance Ltd, and

—Cambridge International Finance Ltd.

As regards the second part of the Deputy's question, applications are formally received by me only after they have been passed by the Board of the Industrial Development Authority and approved by the Certification Advisory Committee, which consist of representatives of my Department, the Department of Industry and Commerce, the Central Bank of Ireland and the Industrial Development Authority. To date, 41 applications have been approved by that Committee.

In regard to the third part of the Deputy's question, while it would not be appropriate for me to give details of the conditions imposed on individual companies, including the employment condition, I can tell the Deputy that the seven companies certified to date have undertaken to create a total of 162 jobs. The other 34 projects approved to date, and which are in the process of being certified, involve 863 jobs.

In respect of the fourth part of the question, I can assure the Deputy that all companies are offered the same package of incentives and that no special or additional incentives have been offered to any particular company.

As regards the last part of the question, the marketing of the centre has gone extremely well to date. This is evidenced by the relatively large number of projects already approved in such a short period of time and by the large number of inquiries about the centre that continue to be made. I am confident that many of these inquiries will lead to concrete worthwhile projects in the near future and that the centre will prove to be a great success.

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