Dáil Éireann Debate, Tuesday - 2 May 2017
1401. Deputy Pearse Doherty asked the Minister for Jobs, Enterprise and Innovation the commitments to use local providers and staff the funds industry has entered into with the IDA or other bodies; and if, in view of a Central Bank report noting the high level of outsourcing within the sector, she or the IDA has raised this issue with the funds industry; and if she will make a statement on the matter. [19213/17]
View answerThe Funds Industry acts as a specialist outsourcing service to the Global Investment Management Industry. Within the industry, Ireland is a recognised global centre of excellence employing approximately 16,000 people.
Regulation of the industry under Irish and EU Law is controlled by the Central Bank who determine the type of activities undertaken in Ireland. The Funds Working Group is an important component of IFS2020, the Government Strategy for International Financial Services and it engages on a wide range of issues relating to the protection of existing employment levels and growth into the future.
IDA Ireland is not in a position to compel an organisation to use specific service providers within Ireland or within the EU.
