Written Answers. - Financial Services Industry.

John Bruton

Question:

12 Mr. J. Bruton asked the Taoiseach if he will report on progress made by his Department in implementing the strategy document on the IFSC which he launched in March 1999; the role his Department is playing in implementing and monitoring the strategy; and if he will make a statement on the matter. [25074/99]

I launched the Government's strategy for the development of the International Financial Services Industry in Ireland last March. The strategy sets out a vision for the development of the International Financial Services Industry in Ireland, building on the success of the IFSC. It also provides a comprehensive implementation plan based around 19 priorities. Following the strategy's publication, I spoke at a seminar in Dublin Castle on 18 June for industry members and the public sector.

While the implementation of individual commitments remains a matter for each responsible Department or agency, a public sector group chaired by my Department is co-ordinating and monitoring progress. In addition, the IFSC clearing house group and working groups bring together industry representatives with the different Government Departments and agencies to implement the strategy and address other relevant issues.

A progress report on the implementation of the strategy is being prepared by the IFSC clearing house group. I expect that this will be completed by the end of this year and submitted to Government early in the new year. I believe that this will show good progress with the priority actions outlined in the strategy and this is reflected in the continued growth and development of the centre.