Dáil Éireann Debate, Thursday - 24 May 2012
6Deputy Billy Kelleher asked the Minister for Education and Skills the steps being taken to ensure that there are sufficient numbers of graduates with the necessary skills to work in the financial services sector in view of the fact there will be 10,000 net new jobs in that sector over the next five years; and if he will make a statement on the matter. [25896/12]
Amharc ar fhreagraIn 2010 there were almost 3,000 graduates from courses in economics, finance, banking, accountancy, insurance and taxation. In addition to programmes in these core skills areas, graduates from many other disciplines also find employment in the sector. Specific funding is also provided by my Department to the Skillnets Finuas networks programme, to develop and deliver specialised training programmes for the financial services sector. Almost 500 places on the new Springboard programmes, which I announced this week, have also been provided to meet specific skills requirements identified by the expert group on future skills needs in international financial services. The future demand for ICT graduates in the financial services sector was also taken into account in the development of the targets and actions in the joint industry-Government action plan on ICT skills which I published in January.
I thank the Minister for his reply. Approximately 33,000 people are employed in more than 500 companies at the Irish Financial Services Centre. This huge sector has grown consistently and incrementally since the late 1980s. The Minister will be aware that according to the best projections, a further 10,000 jobs will be created in that sector in the coming years. We would like most of those jobs, many of which will be suitable for graduates and those with postgraduate qualifications, to be taken up by our young people. Last week, Fianna Fáil published a strategy document on tackling youth unemployment, in which we suggested that an internship programme with a particular focus on the IFSC be established. The programme could offer a range of opportunities to financial, business, legal and accounting graduates. I would like the Minister and the Department to consider a programme of that kind favourably. We have estimated that 1,000 internship places could be offered through the programme initially at relatively little cost.
I know the Deputy has been working on a plan in this regard. I have not yet seen a copy of the report he has compiled. I ask him to submit it to the Department, if possible, so I can study it.
Absolutely.
We should examine Skillnets and the Finuas financial services programme.
Yes.
There are vacancies in this sector that cannot be filled. Some of them are being filled by people who are coming from other jurisdictions. That does not make sense at a time when we have a good pool of talented and educated people in the labour market who might not have the specific skills that are required in certain sectors. We should put transition programmes in place very close to the market to enable such people to get the jobs that are on offer.
The internship programme we have suggested could be similar to the important JobBridge programme that is under way. I understand that the Finuas programme is receiving approximately €1 million in Exchequer support each year. If another €1 million could be found somewhere, it would be put to very good use. The State-owned and State-supported banks, which have been given substantial support by the Irish taxpayer, should be reminded that they need to have a role in assisting graduate employment.
Yes.
They have an obligation to assist people who have relevant qualifications and need an opportunity to get experience in the financial services sector. If such people are given a chance to participate in the labour market, they will contribute handsomely to our economy in the future.
I will examine what the Deputy has suggested.
I thank the Minister.
