asked the Minister for Industry and Commerce if his attention has been drawn to the serious disadvantages as a result of Government policy which the Shannon Free Airport zone suffers in comparison with the Custom House Docks site in Dublin 1 in seeking to attract financial services industries; the steps if any, he proposes to make to ensure that both areas operate under the same regulatory criteria; and if he will make a statement on the matter.
Written Answers. - Shannon Free Zone.
46.
I do not accept that as a result of Government policy, the Shannon Free Zone suffers from serious disadvantages in comparison with the proposed International Financial Services Centre in Dublin in seeking to attract financial services projects.
In a speech in Shannon on 30 September, 1987, I announced that Shannon could market the same activities as the Dublin Centre and that the economic criteria applying in the case of financial services projects in Shannon up to then were being relaxed to bring them more into line with those applying in Dublin. While the statutory licensing and taxation regulatory requirements for firms operating in the two centres differ somewhat, I am satisfied that this, in itself, should have little or no adverse impact on the ability of the Shannon Development Company to promote the free zone for such projects.