Growth in financial services in Ireland will be achieved primarily through the development of international financial activities, particularly through the International Financial Services Centre in Dublin. In that respect, the extension, to the end of 1994, of the period during which new firms can establish in the centre and the approval for the continuation of the 10 per cent rate of corporation tax until the end of the year 2005, as confirmed by the European Commission earlier this year, are important.
Moreover, the future of the centre depends on new and expanded business. In that connection, our programme of legislation is designed to enhance the type of product available to companies within the centre. Ireland has been among the leaders in putting into effect recent EC directives concerning collective investment undertakings and life assurance.
Last year the new unit trust and companies legislation came into force.