Dáil Éireann debate -
Wednesday, 8 Oct 1997

Vol. 481 No. 2

Written Answers. - International Financial Services Centre.

Thomas P. Broughan

Question:

62 Mr. Broughan asked the Minister for Finance the number of companies which have received a licence to trade under the terms and conditions of the International Financial Services Centre but who are not located within the physical precincts of the centre; and if he will make a statement on the matter. [15707/97]

Minister for Finance (Mr. McCreevy)

About 150 or so of the 290 self-managed stand alone projects approved for the International Financial Services Centre are yet to locate within the Custom House Docks Area. Many of these projects represent small operations approved for the centre. They would also include projects recently approved which have yet to commence trading.

It is a requirement of the legislation governing the certification of companies approved for the IFSC that they conduct their trading operations from the docks area. It is also the case, of course, that the supply of office space in the docks area has historically lagged behind the number of projects approved for the centre. For example, buildings were not available for occupation at the time the centre was established and, consequently, it was necessary that the legislation and the certificates issued to IFSC companies permit them to trade outside the docks area until suitable space became available there. This situation has continued to apply up to relatively recently.

As office accommodation has, over the years, become available in the docks area, my Department, in conjunction with the Dublin Docklands Development Authority, has played its part to ensure that such accommodation has been occupied. Office space is currently available in the docks area and more space is due to come on stream shortly. My Department will, as in the past, seek to ensure that this office space is occupied.