Vol. 437 No. 6
226 Mr. Yates asked the Minister for Finance the proposals, if any, there are to extend the International Financial Services Centre to include International Pension Fund Management and related activities; and if he will ensure that full steps are taken not only to attract pension fund operations into Ireland but also to ensure that the existing large pension funds operating here do not move abroad arising out of any EC directive.
The area of international pension fund management and administration is being examined by a group, co-ordinated by the Financial Services Industry Association, FSIA, and representing many sectors of the industry, with a view to investigating opportunities for attracting this business to the IFSC.
The object of this group, I understand, is to look at market developments and to see whether there are any regulatory, tax or other impediments which would hamper international pension fund management and administration coming to Dublin. While the group is keeping this Department and the International Financial Services Committee informed of progress there are no current proposals which would require legislative changes.
An EU Directive on the freedom of management and investment of funds held by institutions for retirement provision is still in the draft stage. My Department will, of course, take into account the possible effects of the draft directive on the significant domestic pensions industry in the consideration of this matter.
