Ruairí Quinn
Ceist:7 Mr. Quinn asked the Taoiseach if he will make a statement on the progress to date of the IFSC clearing house group, chaired by his Department. [16646/01]
Ceisteanna–Questions. - International Financial Services Centre.
Michael Noonan
Ceist:8 Mr. Noonan asked the Taoiseach the role, remit and composition of the IFSC clearing house group; and if he will make a statement on the matter. [18151/01]
Michael Noonan
Ceist:9 Mr. Noonan asked the Taoiseach if he will make a statement on the recent work of the IFSC clearing house group. [18152/01]
I propose to take Questions Nos. 7 to 9, inclusive, together.
The IFSC clearing house group, which is chaired by my Department, co-ordinates the Government's policy towards development of the international financial services sector. It includes senior representatives from the relevant Government Departments and agencies as well as from industry.
The group oversees implementation of the Government's strategy for the development of international financial services published in 1999. The strategy sets out a vision for the development of the industry, building on the success of the IFSC. It seeks to maximise the level and quality of employment in the industry and to develop new opportunities for growth.
The success of the Government's strategy is evident from the continued growth of the sector. For example, bank assets in the IFSC grew by 45 billion euros in the year to March to stand at 192 billion euros. The insurance and funds sectors are also enjoying continued strong growth. As a consequence, direct employment in the IFSC now stands at over 8,500 with many more indirect jobs also supported by the centre. The Dublin docklands continues to develop as a financial services hub and major projects being progressed include the National College of Ireland campus, development of the Grand Canal Harbour and refurbishment of "Stack A" as a cultural and leisure facility.
The clearing house group and its three sectoral working groups recently held an informal seminar to review progress. A number of potential new areas of growth were identified at the seminar and it was agreed that these would be explored by the industry and public sector sides in the period ahead.
Is the Taoiseach aware that the largest employer in the IFSC is US owned Citibank, which plans to employ up to 2,000 people shortly? Earlier this year, the chief executive of Citibank, Mr. Brady, described the Government's decision to abolish the employers' PRSI ceiling as a big mistake and the chief executive of Intel subsequently described it as a major own goal. In view of these comments will the Taoiseach reconsider the decision as it seems to have an adverse effect on potential employment within the IFSC?
As I said previously, and as the Minister for Finance said at Question Time last week, he is in discussions about the whole PRSI structure and we will allow that to take its course. I am glad to see that Mr. Brady's organisation, Citibank, which plays a key role in the committees, continues its successful progress. We have endeavoured at all times to address issues which will assist the profitability of his company and thankfully that company is doing extraordinarily well.