Neale Richmond
Ceist:83. Deputy Neale Richmond asked the Minister for Finance the efforts that have been made to attract financial services jobs to Ireland post Brexit; and if he will make a statement on the matter. [16450/21]
Amharc ar fhreagraWednesday, 31 March 2021
Ceisteanna (83)
Freagraí scríofa
From 1 January 2021, many aspects of our relationship with our nearest neighbour have changed fundamentally as we no longer share EU membership. While the Government remains committed to protecting and strengthening the Ireland-UK relationship following the end of the transition period, I can advise the Deputy that the net impact of Brexit on the policy areas within my remit is anticipated to be strongly negative.
One area that Ireland has been growing for nearly four decades is the international financial services sector. The Ireland for Finance whole of government strategy 2019 provides a clear roadmap to maximise any opportunities in the international financial services that may arise as a consequence of Brexit.
The Ireland for Finance strategy was included in the Programme for Government with action measures built upon the 4 pillars of operating environment, technology and innovation, talent, and communications and promotion.
The Government and the State Agencies, such as the IDA, continue to work to fully deliver on any opportunities for inward investment that emerge through promoting Ireland as an English-speaking committed EU member State. As such we have unfettered access to the EU Single Market, continued access to EU talent and that of the Common Travel Area. In addition, our pro-business environment is underpinned by a strong and fully-independent financial services regulator.
The nature, scale and complexity of Ireland’s international financial services sector is changing in a number of ways. This is as a result of the financial services investments won in recent years, including those firms relocating from the UK as a result of Brexit and those looking to set up operations in the EU for the first time. The financial services industry in Ireland has become broader and more diverse with more firms carrying out a greater range of regulated activities than previously.
The full impact of Brexit for the industry in Ireland may not be fully realised for some years. At present, firms are establishing the foundations of a new or significantly expanded presence in Ireland, creating a platform for future growth opportunities in all sectors: insurance, banking, and investment management.
Since the Brexit referendum in the UK, we can point to the success of Barclays and Bank of America in banking plus the many investment firms who have chosen Ireland, as their European base, such as Legal and General, and Aberdeen Standard. Three of the largest market infrastructure players in their respective markets have made Ireland their post Brexit location for their European business, namely Refinitiv, EquiLend, and DTCC. The Standard Club and North P&I Club both marine insurers are establishing operations here. Kroll/KBRA became the first ratings agency to announce that its EU HQ location would be in Dublin and this was followed by S&P’s announcement in December 2017 that Dublin would become its EMEA HQ.
Thus overall, while it is only a few months into the post-Brexit era, it is clear that Ireland is increasingly being considered as a location of choice for many financial services firms.