Dáil Éireann Debate, Tuesday - 4 April 2017
217. Deputy Noel Rock asked the Minister for Finance the steps which need to be taken to ensure that Dublin, not other European cities such as Paris, becomes the new financial services capital of Europe following Brexit; and if he will make a statement on the matter. [16691/17]
Amharc ar fhreagraIn addition to the challenges posed to Ireland by the withdrawal of the UK from the EU, the Government recognises that there will also be opportunities for Ireland arising from Brexit. The Government is keen to maximise those opportunities where possible. In that regard, international financial services (IFS) has been identified as an area of potential opportunity arising from Brexit in relation to the movement of business from existing UK locations in addition to other businesses seeking a new EU location post-Brexit.
Ireland has a successful track record of competing for, and winning, global foreign direct investment. One of the key pillars of that success is the growth of the IFS sector, in particular over the past 30 years. The continued successful development of the financial services sector in Ireland is a priority for the Government.
In general terms, the Government will continue, through IDA Ireland, to promote the attractiveness of Ireland as a location of choice for financial service firms that are considering moving out of London or those firms not currently based in Europe who are considering a move into the EU after a UK Brexit. Both Enterprise Ireland and IDA Ireland are in close contact with their clients on the challenges and opportunities that Brexit presents. We will, for example, continue to implement our clear strategy for driving growth in the financial services sector and we will maximise any opportunities that might arise.
This Strategy, which is known as IFS2020 Strategy, is a whole-of-Government approach to further driving the growth and development of the IFS sector in Ireland. IFS2020 represents a clear and coherent plan for driving further growth in the IFS sector. The Strategy, led by a specifically appointed Minister for Financial Services, Eoghan Murphy, is supported by all relevant public and private sector stakeholders. We will continue to leverage the IFS2020 Strategy as we seek to maximise opportunities that arise and drive growth in the IFS sector in the context of Brexit.
We have a very strong offering and we've done extensive work to promote that offering. Global competition for foreign investment has never been more intense. We are aware that not every decision will go our way. There will be an ebb and flow to this, and the flow to Ireland will be strong from decisions that have already been made in our favour. But other cities in Europe will also be chosen by companies looking to maintain access to the Single Market, as well as cities in Ireland such as Dublin and regional centres such as Cork and Limerick, to name a few. However, the fundamentals that attract companies to Ireland remain strong and with our proven talent and track record as a location of choice for international financial services continue to attract interest.
