Vol. 424 No. 10
29 Mr. Hogan asked the Minister for Finance the total amount of rental space in the International Financial Services Centre, IFSC; the space that is rented to date; the exchange rate risk which is being underwritten by the State for each currency; the total number employed in the centre; if he will make a statement on the contribution that the IFSC is making to the Exchequer in 1992 and on its expected contribution in 1993; and if he will make a statement on the matter.
Five buildings have been completed at the Custom House Docks Area. These are North Block, South Block, West Block, Harbour Master One and Harbour Master Two. The net lettable office space represented by these buildings amounts to 441,210 square feet. Some 354,710 sq ft. of this office space is occupied, leaving 86,500 sq. ft. currently available for letting. Harbour Master One and Two and West Block are occupied and the available space is located in North and South Blocks.
The financial services projects approved for the International Financial Services Centre have committed to creating over 3,000 new jobs and about 1,120 of those jobs have already been filled. This figure represents only jobs created on foot of activities approved for the 10 per cent rate. Of this figure 365 are actually located in the Centre. This is independent of jobs arising in the Centre from ancilliary services and construction work. While the primary objectives behind the setting up of the International Financial Services Centre were the creation of jobs and revitalisation of the inner city area, I am very pleased to note that firms approved for the 10 per cent rate are making a substantial tax contribution to the Exchequer. Corporation tax receipts of £75 million are anticipated this year, and, in the context of the continuing progress of the centre, I expect an improvement next year. Approved companies are also contributing to the Exchequer in terms of PAYE and PRSI etc.
