Vol. 408 No. 8
42 Mr. J. Bruton asked the Minister for Finance if he will give a breakdown on the achievement of the targets for 7,500 extra jobs in the Financial Services Centre in paragraph 28 of the Programme for National Recovery; the number employed in this sector in (1) 1987 and (2) at the latest date for which figures are available; and his views on whether job creation in this sector has lived up to the targets agreed for it between the Government and the social partners in 1987.
The estimate referred to by the Deputy relates to the International Financial Services Centre at the Custom House Docks and covered all the employment which was expected to arise from the establishment of that centre. The figure of 7,500 included employment on construction, estimated in the programme to reach a peak of 1,500, as well as ancillary services and other spin-off activities.
To date the number of new job commitments arising directly in financial services in the centre is 2,600. Of these, some 750 have already been realised, with the balance due to be realised over the coming few years. In addition, approximately 500 jobs at the centre have resulted from the transfer of existing operations into it. To date, the peak number of construction jobs on the site was 1,000. There is still an amount of construction to be completed and substantial employment on construction work will continue for some years. Finally, a substantial, though unquantified, number of jobs, especially in legal and accounting firms, has been created in ancillary services in support of the 160 companies which have actually been approved to trade from the centre.
Comprehensive and up to date data on employment growth in the wider financial services sector are not yet available. However, the information I have indicates that employment in that sector grew throughout the period of the Programme for National Recovery.
Despite difficulties which have faced the international financial services market in the recent past, I am pleased with the progress made by the centre which by any standards represents a major success for this country. Dublin is now recognised increasingly as an important centre in international financial services and as we continue to develop this highly specialised market and results in terms of employment, trade and spin-off generally are bound to be excellent.
