Vol. 449 No. 2
39 Mr. E. Ryan asked the Minister for Enterprise and Employment the number of captive insurance companies registered at the International Financial Services Centre; and the opportunity which exists to expand the number of insurance companies in that centre. [3174/95]
The number of captive insurance companies approved to locate in the International Financial Services Centre, IFSC, as of today's date stands at 115. The first captive insurance company was established just five years ago.
The IFSC has succeeded in attracting captive business from all over the world, particularly from the US. Sweden and Germany. The US market has been a particularly important source of captives recently — 14 US owned captives have been approved to establish in the centre during the last 18 months.
Opportunities for further expansion in this area are being pursued by IDA Ireland in their marketing campaign which is based on quality and quantity, the success of which is already reflected in the decision by a wide range of prestigious companies establishing international financial services companies in the centre. The centre's attractiveness as a captive domicile has resulted in 27 captives locating there during 1994 alone. This will now be capitalised by the recent decision of the European Commission to extend — until 31 December 2000 — the time period within which IDA Ireland can continue to offer tax incentives to new companies setting up at the centre.
