Michael McGrath
Ceist:263. Deputy Michael McGrath asked the Minister for Finance if an update to IFS2020 is being worked on in view of Brexit; and if he will make a statement on the matter. [33909/18]
Amharc ar fhreagraTuesday, 24 July 2018
Ceisteanna (263)
Freagraí scríofa
In 2015 the Government launched the ‘International Financial Services 2020 Strategy’ (IFS2020). The Strategy is a whole-of-Government approach to the continued development of our international financial services sector and it was developed to address the increasingly competitive and ever changing nature of international financial services.
IFS2020 is led by Minister of State Michael D’Arcy TD with the aim to create 10,000 net new jobs across the Enterprise Ireland and IDA Ireland portfolios in international financial services over the five year period from 2015 – 2020. The vision of IFS2020 is for Ireland to be the location of choice for specialist international financial services, building on our strengths in talent, technology, innovation and excellent client services, while focusing on capturing new opportunities in a changing market and embracing the highest forms of governance.
To date, the IFS2020 Strategy has created approximately 7,000 net new jobs in the sector placing us on target to create 10,000 net new jobs by 2020. The IFS sector now employs almost 42,000 people across Ireland with 30% of those employed in locations outside Dublin.
Brexit has already, and will continue to change the landscape for international financial services operations already located, and choosing to locate, in Ireland. While there are many challenges arising from the UK’s decision to leave the EU, it is evident that there are opportunities for Ireland in relation to international financial services. The IFS2020 Strategy combines long-term strategic thinking with the flexible tools to react to any domestic and international developments occurring over the period. The annual Action Plans enable us to tailor responses to deal with these challenges and opportunities as they arise.
The current strategy IFS2020 due to expire in 2019. It is, therefore, vital that we commence work now on the preparation of a new Strategy for the sector to allow sufficient time for proper consideration and consultation with various stakeholders. A new Strategy will provide the opportunity to recast our vision for the sector, and to develop new goals and strategies to ensure we take account of up-to-date developments in 2018 and 2019. The new strategy should provide the ecosystem to continue to grow the sector, and to ensure Ireland continues to be recognised as a global location of choice for international financial services.
Minister of State D’Arcy and officials from my department have begun to consider the development of a successor to IFS2020. This work will progress over the coming months through consultation with relevant stakeholders across both the public and private sector.
To this end, Minister D’Arcy has established a Strategic Advisory Group (SAG) to assist with the development of a new Strategy for international financial services to succeed IFS2020. This Group is working on proposals to assist in the development of the overall direction of the new Strategy which will be considered at the IFS2020 Q3 Joint Committee. There will also be a public consultation process in the autumn. The new Strategy for Ireland’s international financial services sector will be launched in 2019.