I propose to take Questions Nos. 81, 88 and 89 together.
The Department of the Taoiseach has supported the international financial services industry in Ireland since the establishment of the IFSC in 1987 by providing a forum for the exchange of views and the co-ordination of effort through the mechanism of the IFSC Clearing House Group and its related Working Groups. During this period, the IFSC has grown to employ 33,000 people and to contribute over €1 billion annually through corporation tax and payroll taxes.
These groups provide a forum in which the public sector can consult with industry representatives to discuss competitive threats facing the industry, and develop strategies for the industry to pro-actively support its own development in the global economy.
Representatives of my Department are available to meet with, and do meet with on a regular basis, representatives from many industry and civil society groups who are willing to engage in discussions on the difficult choices which need to be made in the current economic climate.
The Clearing House Group has five sub-groups, and meetings in the year 2012 have been as follows:
Clearing House Group:-
- The Clearing House Group has met on four occasions in 2012 to date. The Department of Finance was represented at all meetings, and representatives have included:-
- Second Secretary, Financial Services Division;
- One Principal Officer, Fiscal Policy Division;
- One Principal Officer, Financial Services Division;
Representatives from Revenue and the Central Bank also attended all of these meetings.
Asset Management Group:-
- The Asset Management group has met on three occasions in 2012 to date. The Department of Finance was not represented at any of these meetings. Representatives from the Revenue Commissioners attended one of these meetings, and representatives from the Central Bank attended all three of these meetings.
Banking and Treasury Group:-
- The Banking & Treasury Group has met on six occasions in 2012 to date. The Department of Finance was represented at all meetings, and representatives have included:-
- One Assistant Secretary, Financial Services Division;
- One Assistant Principal, Fiscal Policy Division;
- One Assistant Principal, Financial Services Division;
- Two Administrative Officers, Fiscal Policy Division;
Representatives of the Revenue Commissioners attended all of these meetings. Representatives from the Central Bank did not attend these meetings.
Funds Group:-
- The Funds Group has met on nine occasions in 2012 to date.
- The Department of Finance was represented on all meetings, and representatives have included:-
- One Assistant Principal, Fiscal Policy Division;
- One Assistant Principal, Financial Services Division;
- One Assistant Principal, Banking Division;
- One Administrative Officer, Fiscal Policy Division;
- One Administrative Officer, Financial Services Division.
Representatives from the Revenue Commissioners have attended three of these meetings, and representatives from the Central Bank attended all nine of these meetings.
Insurance Group:-
The Insurance Group has met on 6 occasions in 2012 to date.
The Department of Finance was represented at all meetings, and representatives have included:-
- One Assistant Principal, Fiscal Policy Division;
- One Assistant Principal, Financial Services Division;
- One Administrative Officer, Fiscal Policy Division;
Representatives from the Central Bank attended all of these meetings. The Revenue Commissioners are not represented on this group.
Pension Funds Group:-
- The Pension Funds Group has met on one occasion in 2012 to date.
The Department of Finance, the Revenue Commissioners and the Central Bank were not represented at this meeting.
In relation to the Deputy’s request for topics of discussions and decisions taken at meetings, the Taoiseach announced in the Dail on Tuesday, 13th November, that the minutes of meetings of the Clearing House Group which have taken place during the term of this Government to the end of September this year will shortly be published on the Department of the Taoiseach's website and on merrionstreet.ie. A Report on the work of the Group during this period will also be published on the websites. Additionally, the Secretary General of the Department of the Taoiseach and Chair of the Clearing House Group is to write to the Chair of the Oireachtas Committee on Finance and the Public Service offering to brief them on the work of the Clearing House Group.
While we accept the bona fides of the Deputy’s request for briefing notes or reports prepared by officials before and after these meetings, it is not practical to provide the information that the Deputy is seeking in the time available to formulate a reply to a parliamentary question. Accordingly, I suggest that following the publication of the material referred to in the previous paragraph, and the proposed briefing, the Deputy may wish to contact the individual Departments and Offices indicating what further detail he requires.
