Dáil Éireann Debate, Thursday - 23 March 2017
63. Deputy Pearse Doherty asked the Minister for Finance the number of companies that have received derogations (details supplied); the number of jobs this equates to; the way these derogations are supervised; and if he will make a statement on the matter. [14624/17]
View answerI am informed by the Central Bank that under various European and Irish regulations, Fund Service Providers are permitted to outsource/delegate activities.
On this basis, derogations are not required in order for work to be performed in other jurisdictions on behalf of Irish Fund Service Providers, so this information is not collected.
The Central Bank informs me that it regularly reviews the controls and procedures in place surrounding these outsourcing/delegating arrangements.
It should be noted that the Irish Financial Services sector includes significant employment in outsourced financial services so the existing regulatory environment is important to the State's economy.
If the Deputy is seeking information on employment commitments made to State Enterprise Agencies, this question is best directed to the Minister for Jobs, Enterprise and Innovation.
