Dáil Éireann Debate, Tuesday - 26 June 2018
111. Deputy Michael McGrath asked the Minister for Finance the status of each of the 30 actions identified in the IFS2020 strategy in tabular form; if they have been implemented; and if he will make a statement on the matter. [27677/18]
Amharc ar fhreagraIn March 2015, the Government launched the ‘International Financial Services 2020 Strategy’ (IFS2020), which is led by Minister of State Michael D’Arcy TD. One of the main deliverables is to create 10,000 net new jobs across the Enterprise Ireland and IDA Ireland portfolios in international financial services over five years from 2015 – 2020. To end-2017 the IFS2020 Strategy has created approximately 7,000 net new jobs in the sector placing us on target to create 10,000 by 2020. The IFS sector now employs almost 42,000 people across Ireland with 30% of those employed in the sector located outside Dublin.
The initial Strategy document launched in 2015 sets out five strategic priorities with 30 specific actions outlined as follows.
This strategy document is available on my Department’s website at the following link:
http://www.finance.gov.ie/wp-content/uploads/2017/05/IFS2020.pdf.
The five strategic priorities are:
Strategic Priority 1: Promote Ireland as a location for International Financial Services & world class innovative products & services
Strategic Priority 2: Drive continuous improvement in the operating environment & competitiveness of Ireland's IFS sector
Strategic Priority 3: Drive Research, Innovation & Entrepreneurship in the IFS sector, with a particular focus on financial technology & governance, risk & compliance.
Strategic Priority 4: Develop job-creation opportunities from emerging IFS sub-sectors & new markets
Strategic Priority 5: Data and Benchmarking of Progress
Whereas the 30 specific actions are listed as follows:
Utilise the IDA to promote and market Ireland as a location for IFS.
Utilise the extensive EI overseas office network and dedicated Financial Services Global Team (FSGT) located in key target international markets to support the expansion and growth of Irish owned entities.
Provide clear briefing materials and information to equip the Embassy network to support their efforts in promoting Ireland as a location for IFS and producer of innovative products and services.
Use our Embassy network and the overseas offices of the enterprise development agencies to ensure that appropriate priority is given to the IFS sector in their ongoing planning and activities.
Coordinated approach to international promotion of IFS.
Relevant Departments and Agencies will explore the possibility of appropriate private-sector secondments both in Ireland and overseas to support the objectives of IFS2020.
A representative from the IFS industry will be invited by the Minister for Foreign Affairs and Trade to participate in the Export Trade Council.
Develop a “banner brand” for the IFS sector to promote Ireland’s IFS sector, including during overseas trade missions and at selected international events.
Host a major IFS Summit to highlight emerging trends and opportunities in the sector.
Establish an IFS Education and Skills Liaison Group.
Deliver training needs and future skills needs assessment for the sector.
Enhance the Finuas Network to take account of the broadening of IFS activities in Ireland with a particular focus on Payments and FinTech.
Promoting IFS as a career choice.
Ensure that the six monthly review of the critical skills list for employment permits continues to reflect the skills shortages experienced by the IFS.
Talent Attraction – Single Website Portal.
Place making and Regional Development.
Marketing the overall opportunity in the SDZ.
The Central Bank and Department of Finance will, in accordance with their respective legal roles, review the authorisation service standards reported by the Central Bank in 2015.
Continuous development of Double Taxation Treaties.
Determine the position with regard to core markets infrastructure with input from the key stakeholders, examining key strategic issues, dependencies and critical emerging issues.
Drive continued innovation in the IFS industry by increasing the number of companies engaged in projects.
Drive Research, Development and Innovation (RD&I) within existing firms.
Enhancing IFS – ICT sectoral collaboration.
Identify both domestic and international sources of funding for FinTech companies and develop an engagement process to facilitate introductions to investor ready companies.
Partner with existing accelerators to support engagement and up skilling and the mentoring process with participating companies.
Set up an indigenous “funds services cluster” and support the group to target key markets, in particular the UK and North America.
Create a Payments Forum and develop a Sectoral Strategy for Payments.
Analyse the financial services capabilities of the BPO cluster in Ireland through a high level group and recommend actions to develop the international financial services capability.
Develop a working group that will examine the opportunities afforded by the Capital Markets Union green paper as well as follow on opportunities for strategic positioning and skills enhancement.
Relevant Departments and Agencies will work together to research, design and deliver a year-end annual IFS progress report.
IFS2020 is reviewed and updated annually through the development of annual action plans. Three further action plans (2016, 2017 and 2018) have been published since the initial strategy (and actions 2015) document, and in total 159 actions have been identified.
Quarterly progress reports track the progress of measures within the IFS2020 Action Plans and are published on my Department’s website. The latest quarter 1 of 2018 progress report is available at the following link: http://www.finance.gov.ie/wp-content/uploads/2018/05/IFS2020-Q1-2018-Progress-Report.pdf.
A small number of measures were delayed from one quarter to the next, but almost all were completed within the annual period. Measure 20 in the 2015 Strategy - financial market infrastructure - was delayed in 2015, and recast as Measure 28 in the 2016 Action Plan, and completed on time. Measure 27 in the 2016 Action Plan was to fully adopt the ‘Alternative A’ provisions of the Cape Town Convention and was delayed from Q4 2016 to Q2 2017. All other measures for 2015, 2016 and 2017 have been implemented and measures for 2018 remain on track for completion by end-2018.
