Vote of confidence as BNY Mellon granted banking licence
Finance Minister Brian Lenihan, right, congratulates BNY Mellon's country executive, Joe Duffy, after the company was awarded a banking licence by the Financial Regulator.
Monday November 16 2009
DUBLIN'S International Financial Services Centre (IFSC) has dropped dramatically from 10th to 23rd place in a ranking of financial service centres, even as existing companies like BNY Mellon continue to expand their activities in Ireland.
A Dublin City Council seminar on the IFSC will take place in Dublin's Mansion House today and is due to hear what steps are needed if Dublin is to climb back up the rankings in the prestigious Global Financial Centres Index (GFCI).
"The most significant steps Dublin could take to improve its position in the GFCI is to improve its business environment and rebuild the strength of 'brand Ireland'," Professor Michael Mainelli, founding director of leading commercial think-tank Z/Yen, says.
He will tell the seminar that Dublin should "continue to nurture the insurance industry and investigate the potential to utilise tax advantages and current strengths as a "trusted offshore" or "long finance" centre.
The city however continues to attract leading financial service firms, with BNY Mellon this week receiving a banking licence to operate here. The award of the licence was described as a "vote of confidence in Irish financial services industry" by Finance Minister Brian Lenihan.
"This will allow the company to significantly enhance the services offered from Ireland and is a major vote of confidence in the Irish financial services industry," Mr Lenihan said.
While Dublin has slipped in the international rankings, many aspects of our competitiveness have improved, John Tierney, Dublin City Manager, will state at today's seminar.
- PAT BOYLE
Irish Independent
