Dáil Éireann Debate, Thursday - 8 March 2018
60. Deputy Bernard J. Durkan asked the Minister for Finance the degree to which the financial services sector here may become enhanced by developments arising from Brexit; and if he will make a statement on the matter. [11485/18]
Amharc ar fhreagraWe already have a successful track record of competing for, and winning, global foreign direct investment. Ireland offers a very good solution for companies who potentially may have a difficulty selling goods and services to the EU single market after Brexit. In particular, International financial services (IFS) is an area that is identified as an area of opportunity for Ireland post Brexit.
Ireland will be the only English-speaking Common Law jurisdiction in the EU after the UK leave the EU. This means that international financial services companies can establish here quickly in order to service their international and European customers with a minimum disruption to their business, proven by the firms that have already moved some or all of the operations to Ireland. We are, therefore, a solution to firms who wish to passport their financial services to the EU market post-Brexit.
Government and the State Agencies have been working closely with industry to implement the international financial services strategy (IFS2020). The vision of IFS2020 is for Ireland to be recognised as the global location of choice for specialist international financial services.
We have made great progress in becoming a strong hub for international financial services business over the years – Ireland is currently home to some of the world’s largest IFS companies across all the sectors. We are a global lead in aviation leasing and financing and also among the top destinations for funds (asset management) and FinTech, building on our strengths in technology and financial services.
A number of firms have already indicated that Ireland is their preferred choice for their European headquarters, including many household names. In respect of relocations post Brexit not every firm will want to make the relocation decision public for commercial and other reasons.
We have a very strong offering and we've done extensive work to promote that offering.
