Mary Harney
Question:93 Miss Harney asked the Minister for Finance the number of licences that have been granted to companies who operate from the Irish Financial Services Centre; and the number of licensees who have located in the centre to date.
Written Answers. - Irish Financial Services Centre Companies.
Mary Harney
Question:94 Miss Harney asked the Minister for Finance the names of the licensees in the Irish Financial Services Centre; the date on which each licence was granted; the date on which the licensee moved to the Irish Financial Services Centre; and the number of people employed by the licensees in the centre.
I propose to answer Questions Nos. 93 and 94 together.
To date, more than 640 tax certificates have been issued to IFSC companies in respect of approximately 260 projects that have been approved so far. About 220 projects are being actively pursued at present and some 80 of these are now located in the Customs House Docks Area. I am informed that a further 20 projects have undertaken to move to the area when the next building, on which construction has already begun, is ready for occupation. Space in the existing buildings has largely been taken up at this stage.
As regards the specific details requested in respect of each certificate holder, it would be inappropriate to divulge details of individual certificates issued. However, certain details of IFSC companies are available in a list format from IDA Ireland. I will arrange to have the most up to date list, which includes details such as the companies' addresses, placed in the Library of the House for information and a copy will be supplied to the Deputy also.
As regards employment in the centre, some 1,400 net incremental jobs have been provided by IFSC companies, about half of which are located in the Customs House Docks Area. These figures do not take account of the significant additional employment that has arisen in support services, e.g. in the legal, accounting, and general services sector.
Mary Harney
Question:95 Miss Harney asked the Minister for Finance if he will request the EU Commission to extend the date for the granting of operating licences for companies wishing to establish in the Irish Financial Services Centre beyond 31 December 1994.
My Department is in contact as necessary with the European Commission regarding certification matters connected with the IFSC and Shannon customs-free airport zone. Indeed, a joint review with the Commission that was arranged some time ago has already begun in regard to the end-1994 approval date for service companies wishing to establish in the Shannon zone. The similar approval date for the IFSC will receive attention in that context also.
Mary Harney
Question:96 Miss Harney asked the Minister for Finance if his attention has been drawn to the fact that a lower effective tax rate is available to financial services companies who operate via Belgian co-ordination centres and Dutch BVs with Swiss branches than is available to companies established in the Irish Financial Services Centre; and if he will make a statement on the matter.
I am aware that a lower effective tax rate may be available for financial service companies in some other European locations. One of the advantages of the IFSC is that it has a transparent tax incentive regime. The IFSC also offers a wide range of financial services and products to international customers within a well regulated framework. The success of the IFSC has also been a result of, inter alia, the availability of qualified people and excellent communications facilities in Dublin. This is borne out by the number of substantive projects that have located in the centre and augurs well for the continued growth of the IFSC.