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Dáil Éireann díospóireacht -
Wednesday, 11 Nov 1998

Vol. 496 No. 4

Written Answers. - International Financial Services.

John Bruton

Ceist:

14 Mr. J. Bruton asked the Taoiseach the strategies, if any, under consideration in his Department for the International Financial Services Centre in view of the turbulence in world financial markets. [21044/98]

At my request, the IFSC clearing house group is preparing a strategy for the development of the international financial services industry in Ireland, building on the success of the IFSC. This strategy will primarily focus on the need to maximise the level of sustainable economic activity and employment in international financial services in Ireland, building upon the existing activity in the IFSC. This should encompass not only the number of jobs, but also the quality of employment and activity, and the possibility of enhancing sustainability through links to related sectors such as shared services and electronic commerce. The strategy will outline a clear vision for the Government to adopt and implement.

The strategy will address issues concerning: the future location of the industry and the provision of infrastructure for the continued growth of the IFSC; the future marketing and promotion of the sector; how to ensure a continued supply of skilled employees for IFSC companies; the need for a tax regime supportive of competitiveness, while recognising EU and domestic constraints; measures to enhance the competitiveness of the centre through company law legislation; the need to maintain the existing high standard of regulation of the industry; the implications of the introduction of the euro; new business opportunities based around the existing level of financial services activity in the centre and the structures necessary to implement the strategy.
There have been recent discussions at international and EU level on the international community's response to the crisis in financial markets. The Government has participated in these discussions and the crisis remains a matter of serious concern to Ireland given the open nature of our economy.
The impact of recent turbulence on world financial markets will also be taken into account in the strategy being prepared by the IFSC clearing house group. This strategy will recognise the need for a flexible response to emerging international problems. The centre is still highly competitive and has limited exposure to the countries most affected. In my view, the most effective response to these events is to enhance the already strong competitive position of the IFSC and that will be a key objective of the strategy.
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