Michael McGrath
Question:89. Deputy Michael McGrath asked the Minister for Finance his plans for the funds, asset management and international financial services industries; and if he will make a statement on the matter. [49676/19]
View answerThursday, 28 November 2019
Questions (89)
Written answers
The Deputy may be aware that the Government’s Strategy for the development of Ireland's international financial services sector to 2025, 'Ireland for Finance', was launched last April. The vision of the Strategy is for “Ireland to be a top-tier location of choice for specialist international financial services and to enhance and protect our future competitiveness”.
The Ireland for Finance strategy was accompanied by an Action Plan containing over 50 action measures for implementation in 2019 grouped across the four pillars of the Strategy: operating environment; technology and innovation; talent; and communications and promotion. The actions cover sub-sectors such as banking, investment funds, investment management, insurance, fintech, payments, and aviation leasing.
As part of the governance structures of the Ireland for Finance strategy, the public sector High-Level Implementation Committee, which is chaired by Minister of State for Financial Services and Insurance, Michael D'Arcy TD, will report to Government every six months on the progress of the annual Action Plans. The first Progress Report under Ireland for Finance covering progress on Q2 & Q3 2019 will go to Government soon and it will be published on relevant Government websites shortly afterwards.
One of the key measures for 2019 was the introduction of legislation to update the Investment Limited Partnership vehicle in the asset management sector to support the development of the growth finance and funds industry in Ireland. This legislation was published in recent months and proceeds through the Oireachtas. Other headline actions in 2019 included the consideration of a stakeholder engagement bodies; and the establishment of a Fintech Foresight Group (the latter is led by industry representative bodies).
The Department of Finance supports the Minister of State in the delivery of the strategy. The Department and the Minister are currently developing Action Plan 2020 under Ireland for Finance by engaging with relevant government departments, agencies, stakeholders and the industry representative bodies for proposals for inclusion in Action Plan 2020. This will cover developments across the overall IFS sector, including asset management and funds. In terms of asset management and funds, it should be noted that Ireland is the 3rd largest global investment funds domicile. In addition, the country has over €4 trillion in fund assets under administration with the largest European domicile for ETFs and a leading location worldwide for hedge fund administration.
Financial services legislation is constantly being updated and amended, including legislation specific to various sectors within the international financial services industry, as well as the transposition of EU Directives and Regulations.
A draft version of Action Plan 2020 will shortly be presented to Ministers D’Arcy and Donohoe and, once cleared by them, it will be submitted to the quarterly Joint Committee meeting (consisting of the public sector High-Level Implementation Committee and Industry Advisory Committee, made up of senior level representatives of Irish and international IFS companies) next month.
Following agreement at the Joint Committee meeting, and subject to any agreed amendments, the draft Action Plan 2020 will be brought to a Cabinet meeting in January 2020 for agreement by the Government. If the Government agrees to publish the draft Action Plan 2020, it will be launched at the 5th European Financial Forum (EFF) in Dublin Castle next February.